A relief rally!~

The market expected a full percentage rate slashing but the Fed delivered a three-quarter,an 8-2 vote of its policy committee, was part of an intense effort by the central bank to avert a deep recession and financial market meltdown. The move took benchmark overnight rates down to 2.25 percent, the lowest since February 2005.

It is yet another forceful move to alleviate the liquidity crunch and to shore up a rapidly weakening economy.

"Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters," the central bank said.

Goldman Sachs, which has largely avoided the mortgage-related losses that have plagued much of Wall Street, said first-quarter earnings fell by half as it recorded steep losses on corporate loans and other assets. Yet the results at the largest U.S. investment bank exceeded expectations.They are sure to escape the rout unscathed.Why,,,Henry Paulson was their former CEO.They've known everything at their fingertips.Furthermore they are the ones firing the shorties in the stock market.They've short-covered their positions in yesterday stock rally by slotting their company's balance sheet that produced a respectable profit.A very good timing of manipulation.

Tracking the Dow on Tuesday,18/03/08

When the Fed announced the minutes on rates cut at 2:15pm ET,the market reacted with disappointment and hammered the market by a hefty 100 point drop but the results of Goldman & lehman helps to provide the comforter.So traders got warmed up again and propel the market to greater heights right to the closing bell.The final bell candlestick looks like a hammer so the folloing session might start with a pullback.

Buyers came back to Wall Street in a big way Tuesday, igniting a sharp rally and new debate about whether stocks have bottomed. It's very positive with the good encouraging news.The candlestick was too bullish with no upper or lower shadow to depict its authencity.So we have to look forward whether it's going to pullback with refernce to the Wednesday candle or close near the Bear Support line.