THE CUT

The FED cuts 50 and the markets soar on the news and then of course lose about half as I type. No clue what to expect the rest of the day and I won't try to play it.

Lots of folks did expect the market to sell off regardless of whether it was 50 or 25 and I suspected that was a fade.

Banks moving up on this rate cut while brokers more mixed with GS LEH LM MS higher while BSC MER lower.

Market internals slightly better than flat not instilling great confidence. Tomorrow another day.