lemmings
and i'm not talking about the furry ones that walk off cliffs. i'm talking the ones cloaked in fugly yellows greens and reds, huddled in "pits," screaming at the top of their lungs. i'm talking day traders. today the federal reserve bank raised interest rates again another 25 basis points. we all knew that was going to happen. it's the explanation and outlook from mr. greenspan that everybody dissects, overanalyzes and worships.
in the press release, the fed happened to forget the phrase "Longer-term inflation expectations remain well contained" from last time. so the market dropped immediately at the prospect of bad inflation.
then 2 hours later, the fed issued a "correction" with the line added back in and the markets went north again. you know a whole lotta lemmings bought some futures and got burned by this little oversight. tsk tsk.
on a weirder unrelated note, am i the only one who has heard about the exploding frogs in hamburg, Germany?
in the press release, the fed happened to forget the phrase "Longer-term inflation expectations remain well contained" from last time. so the market dropped immediately at the prospect of bad inflation.
then 2 hours later, the fed issued a "correction" with the line added back in and the markets went north again. you know a whole lotta lemmings bought some futures and got burned by this little oversight. tsk tsk.
on a weirder unrelated note, am i the only one who has heard about the exploding frogs in hamburg, Germany?
6 Comments:
At 5:18 PM,
RJW said…
yes to the frogs. traders make no sense to me, i'm convinced the entire market is manipulated by a few big players and funds.
Here's a mini PSA for those who don't want to throw their money into the market, ING direct now pays 3% interest, probably going up after that hike, and you can get a $50 signup bonus.
At 12:24 PM,
Anonymous said…
Thanks for the tip. My new ING account just got $50 richer. SWEEEEEEEET...
At 9:05 PM,
Matt said…
Man, from the stock market to the frogs exploding thing, I have no earthy idea what you're talking about. I like reading it though.
The hell is ING?! Jesus, I'm terrible at making money.
At 9:19 AM,
Bill said…
thanks for the tip rj. i'm still not sure if i'll open up an ING account or take out a CD. what to do...what to do...?
FYI: ING is an online only bank. go to www.ing.com and you'll see. because they have less overhead, their interest rates kick ass.
At 4:20 PM,
Anonymous said…
You've reached the one-week limit for not posting. Move it along.
At 4:38 PM,
Anonymous said…
ditto on jeds last comment.
ingdirect.com, there is a code that gives you $50 when you sign up. Jed used it. With ING paying what it is your CD better pay a great rate to tie up your money for x length of time in an environment where interest rates are set to continue going up. My 2 cents.
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