The Discount Rate rumour

Art Cashin explained the genesis of the rumor of the discount rate increase in his Friday commentary. Always a good read.

Market Commentary By Art Cashin March 19, 2010

Art said that we had a Dow Theory buy signal. We did above 10725. From Richard Russell:

Turning to the nearer term, ironically, the stock market issued a "triple bull signal" yesterday...For the time being, the market is saying that "everything's OK." For the time being, that is. In Late Notes on yesterday's site, I described how I received three bullish signals at the market's close.

Now Richard grudgingly acknowledged the buy signal. But before he did that, he had this chart in front of it.

He didn't want to believe his own signal!