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April 30, 2008
Charts of the Day:
Schizophrenic Gold and Stock Markets' Response to the Fed's Monetary Policy Announcement.
Both Gold and stock markets reacted to the Fed's somewhat evasive statement of monetary policy with a schizophrenic kind of behavior more appropriate for the first "Fools' Day" of April than for the last day of the month. The Fed lowered rates 25 basis points but made vague statements with regard to future directions of monetary policy.
After several spasmodic movements around 2:15 pm EST, the time of the press realease, the stock market suddenly relinquished all the sizable gains of earlier on in the day and slumped a total of 200 points for the Dow Jones Industrials counted from top to bottom of the day's range. Gold, by contrast, after similar spasmodic ups and downs, decided to rally from an earlier deep slump and head higher.
Charts of the Day:
Schizophrenic Gold and Stock Markets' Response to the Fed's Monetary Policy Announcement.
Both Gold and stock markets reacted to the Fed's somewhat evasive statement of monetary policy with a schizophrenic kind of behavior more appropriate for the first "Fools' Day" of April than for the last day of the month. The Fed lowered rates 25 basis points but made vague statements with regard to future directions of monetary policy.
After several spasmodic movements around 2:15 pm EST, the time of the press realease, the stock market suddenly relinquished all the sizable gains of earlier on in the day and slumped a total of 200 points for the Dow Jones Industrials counted from top to bottom of the day's range. Gold, by contrast, after similar spasmodic ups and downs, decided to rally from an earlier deep slump and head higher.
| Gold and DJIA response to Fed's announcement |
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| Intraday charts of April 30, 2008 |
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