In case you missed the news this past week, the Fed cut rates both the Fed Funds rate and the Discount rate by quarter points. But apparently investors were expecting a little more and disappointed traders helped the Dow plummet 300 points in Tuesday session.

The FED then announced on Wednesday an auction of 40 billion of liquidity to the neediest banks. The fact is lower rates and all this liquidity has not helped financial stocks. On the other hand it helped inflation, PPI reading for November rose 3.2% the biggest rise since 1973. Not surprisingly Greenspan said there is nothing Bernake can do to avoid recession. The dollar furthered its recent recovery against the euro the yen and the pound. In tune with the recovery of the dollar, gold prices retreated.

Mr Doleschall lost a few percents from his gains but is still comfortably in the lead.