Yesterday the markets thumbed their collective nose at the “Maestro.”
At Tuesday’s close, all the broad indices — every one of them: the NASDAQ Composite, the S&P 500, the Russell 2000, and the Wilshire Total Market — were all slightly lower than they were on Wednesday, April 18, at 10:57 am EDT when Alan Greenspan shocked the markets with a surprise 50 basis point cut in the fed funds rate. Only the narrow Dow Jones Industrial Average is higher, and that by a mere 100 points.
So much for “don’t fight the Fed,” that tired old clich
