The Fed dropped interest rates today another .25% to 4.25%. Big Ben did not calm investors that were expecting a 50 point drop. The DOW dropped 294 points closing at 13,432. It appears that the subprime mess is not going to go away anytime soon. There are a lot of stocks selling at bargain prices if you want to try and find the bottom. I am going to continue to keep my distance, but if Countrywide drops back down in the single digits I may pick up a few hundred shares. The rest of the week should be very volatile as speculators sort through the Feds minutes and try and make sense of the interest rate cut.
Check out this list of companies that pay virtually no income tax. I have traded Chesapeake and think it is the best of this bunch. Interesting list.