Fed's cash lifeline.

The Fed will be lending $75 billion for 28 days due to the completion of its first Term Securities Lending Facility auction. The bid-to-cover ratio came in at 1.15--which is the amount of bids divided by what was lent out. The stop-out rate--the lowest rate the Fed accepted--was 0.33%.
The TSLF auction results were akin to a seller listing a house for $300K in a weak housing market only to see multiple bids come in at $200K. It can be said that demand for the asset is technically high, but only at a discounted price, implying the buyers don't really need to buy the asset but they will if they get it at an extremely discounted rate. The bid-to-cover ratio at 1.15 shows that there is demand, but the stop-out rate at 0.33% indicates it isn't really needed.
That was less demand for the emergency financing than many were expecting. "The results suggest that financing stresses may be less severe than feared, because this first TSLF auction did not attract massive interest," said Ward McCarthy of Stone & McCarthy Research Associates.
Economy Nearly Stalled in 4th Quarter
Gross domestic product increased at a feeble 0.6 percent annual rate in the October-to-December quarter
Several financial companies had their earnings estimates cut this morning. Oppenheimer shaved its earnings estimates on Merrill Lynch and UBS. Lehman Brothers dropped its estimates on several banks, including Citigroup ,Bank of America and Wells Fargo.
Tracking the Dow on Thursday,27/03/08.

New unemployment claims for the week ended March 22 was slightly better. Final fourth quarter GDP was left unchanged at 0.6%,.At 3:30 pm the major indices are falling back toward their pre-Fed auction levels. Financials are taking the brunt of the selling pressure.It's brutal murder again.They've cross the bear shield and is at critical point for disaster.Will the final bell candlestick depicting a four-legged jumping frog provide the booster,well it should be otherwise we'll be out of job!

Asian markets defy these rouge market-makers who trash the Dow to a level where Fed's first announced the auction proposal.They are trying to make a killing hoping other markets need to follow their acts.

Asian stocks staged a tentative recovery before the end of the quarter, and bonds fell as investors gauged that concerns about the impact of a U.S. recession and a global credit crunch on Asia were overdone.
So we know your tricks,you're going to pump it up again,nuts!