Snipping Bips

Is there any just cause for feeling like this?
On the surface I'm a name on a list
I try to be discreet, but then blow it again
--Cutting Crew

The Fed responded to another round of overnite market carnage overseas with a 75 cut in the discount rate prior to today's opening bell. Pepe is suggesting that the Fed's action was not about the stock markets but that's hard to believe seeing as the Dow was indicated down over 500 pts prior to the premarket intervention.

The Dow wound up down 'only' about 130 and was close to green a coupla times. Will this central bank stimulus do the trick? Maybe, but not something I want to bet on.

I am in lockstop with Prof Lewis on the positive ramifications of the Fed action on gold. As he notes, this is likely a signal that 'the whole planet is going to print money like it is going out of style.'

position in gold