Feds cut rate

Just saw the news that Fed cuts discount rate to 5.75% to ease credit crunch.

The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from regional Federal Reserve lending facilities. It differs from the key federal funds rate, which is the rate at which private institutions lend to other depository institutions overnight.

The result, as I type this, DOW INDUSTRIALS up more than 300 points in opening minutes; NASDAQ up 2.5%.

So we clear of the woods ? Not yet. This will put breaks on further market slide provided there are no more ugly news from sub-prime market coming across.

So now we can look at a few findamentally strong companies. These stocks are best poised for a sustained rebound on the ASX.

BHP
RIO
WES
CBA
CTX
LLC
COH
CSL
OXR
WOR
ANN
ANZ
UGL
NCM