Thursday Morning Comments 8/16/2007

They are beginning to lose it on CNBC. One commentator stated "the markets are like 100 Ralph Kramdens trying to all fit thru the same mouse hole". Rick and Steve are starting to get pissy with each other. We look like we put in a temporary bottom about 7:30 this morning when the Fed was going into the market. The arguments are why the Fed funds rate is lower than the target rate. One is arguing that it is technical issues. The other is stating that the Fed is doing a temporary ease thru the markets. We have already rallied 75 points off the bottom in the YMs.