The human mind can rationalize a lot of things. Unfortunately, it can also rationalize incorrectly.

Traders may face yet another round of negative US economic data on Thursday, but with equity markets keeping their eyes on the prize of another possible rate cut by the Federal Reserve in October, currency traders may be the only ones paying heed to the news.

The poor subprime nation had it so good for so long. Now, it seems to be at the twilight of a magnificent – if preposterous – era, in which Americans could spend money they didn’t have on things they didn’t need and not have to worry about what happened next.

The ability of the Fed’s recent policy action to stop a recession is questionable, leaving traders wondering if they will cut rates further even in the face of mounting inflation pressures from food and energy price growth.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for September 26.

Investors must think that the Fed’s intervention in the credit markets will be as effective as the Bush Administration’s intervention in Mesopotamia. Some problems just don’t lend themselves to meddling from outsiders.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for September 25.

Derek Frey provides weekly market commentary on futures and options for the week of September 24.

Whole new industries are waking up to a new China, with a middle class, and millions of rich people too. It is the greatest leap forward ever.

The Fed has traditionally reacted to data rather than make forward-looking assumptions. But this week the Fed promised to "keep reassessing our outlook and adjusting policy" as the situation demands.