You can't usually argue with a co-ordinated effort by the world's leading central banks to boost liquidity in the market and avoid a repeat of the summer's credit crunch.
And yet ...
The Dow is up more than 100 points at the moment, and analysts are upbeat about the news.
Martin Slaney of GFT Global markets said: "This has come as a massive shot in the arm for the world's equity markets. This appears to be a multilateral agreement by the world's leading central banks to ease future interbank liquidity difficulties.
"The provision of a cash injection facility was the stimulus that many investors were waiting for before stepping back into the market.
"This is a real rabbit from the hat from the Federal Reserve, and explains their reluctance to cut rates by more than a quarter of a point at their meeting on Tuesday."
And yet....
The FTSE 100 seems fairly unmoved, up just 9.9 points at 6546.8. Perhaps the real story is that any intervention by central bankers is seen as a panic measure, and the underlying fear is that the credit crunch needs more than just an injection of cash from the central banks, no matter how many billions are promised.
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