Who knew about the Fed Discount Rate cut on Thurs?

At exactly 3:00 pm on Thurs. the Dow had been down 343 point and begin a massive run to the upside ending with only a 15 point drop for the day. All the financial stocks in the S&P 500 Financial Index started a strong move to the upside, see charts for GS, LEH, BSC, MER, C, JPM and other large New York banks.

We reported earlier in the day that Goldman Sachs had crashed through 158 and appeared to be going lower, Countrywide, CFC which was trading lock step with GS spiked up dramatically at the same time as GS recovered by $12 per share.

So the question is who knew, what did they know and when did they know it? It appears that at 3:00 pm on Thurs. the major trading desks on Wall Street knew about the coming rate cut on Friday morning.

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