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On today’s STOP TRADING segment on CNBC, Jim Cramer did note that this was a loosening of the bias out of the Fed today even though there was no rate cut. At the time of the statement it seemed harsh, but the fed doesn’t want to cause a panic. He still thinks you’ll see a MAY cut and this is a dovish statement. If anyone is reading this non-dovishly they are not looking at the data, according to Cramer. He said this is why banks are rallying. Bill Gross and Rick Santelli both came back with the same analogy of rates coming down and the banks rallying.
After today’s rally, the DJIA is now up 136 points at 12,424.29. Cramer gave no individual picks other than in broader sectors.
Jon C. Ogg
March 21, 2007
Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.
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