Ben Gets Religion!
So the Fed finally cried uncle and lowered the discount window by half a percent. I was watching CNBC when it happened and futures went from being way down to way up. Woo hoo! Thanks Ben, you get to keep your job
The financials, which had been battered down by the whole subprime “crisis”, led the way today. One of the leaders today was Bank of America, which I own. I knew buying BAC was a good decisions when I got in at $50. It promptly went into the toilet, but with a near 5% dividend, I knew there would be bottom support. Of course, the fact that Warren Buffet recently bought 9 million shares also gave the stock a boost!
Right now we’re at $51.71. I’m going to hang on until $55 and get out.