Dear Clients and Friends,
The Fed moved earlier this morning to bolster
confidence by cutting the Fed Funds rate from 3.5% to 3.0%. European
markets rallied on this news to a gain of 1%. Asian markets, led by Japan,
closed earlier in the day down an average of 5%.
Estimates derived from pre-market trading in NASDAQ
stocks show the major US averages opening down 5-6%.
More information as it becomes
available.