Fear! Panic! Time to buy Wall Street is focusing only on bad news. That means there are opportunities to scoop up quality companies on sale. By Paul R. La Monica, CNNMoney.com editor at large January 31 2008: 11:36 AM EST About the author
NEW YORK (CNNMoney.com) -- It's official. This stock market is being ruled by an almost irrational sense of panic and fear. How else can you explain the sell-off Wednesday afternoon following the Fed's rate cut? The central bank did exactly what Wall Street supposedly wanted, delivering a nicely gift-wrapped half-of a- percentage point rate cut. Stocks initially surged but wound up in the red due to concerns that credit rating agencies may downgrade bond insurers MBIA (MBI) and Ambac (ABK). This is a market that is just looking for doom and gloom. Even when there is good news, the skeptics and bears are ruling the day.
