MORNING MARKETS

Big Ben finally decides to cut 75 BPS this AM and markets are pricing another 50 BPS cut next week. The DJIA is only down 250, NAZ-60 and SPX -27 as I type. Not so horrible.

Strongest sectors- retail, trannies, real estate, homies, banks and metals while FXI EWA EFA MOO EEM tech, oils and telecom are the weakest.

Market internals- 4,100 net losers;

VIX a little panic as it was up over 25% earlier;

Strategy for now- buy what YOU think is good for the longer term as folks who bought GOOD stocks/funds on panics in 87, 98, 01, 02 etc. were eventually pretty pretty happy about it.

Short term- hard to say but my guess is strength will be sold/shorted by traders until it stops working.

Finally, if you own stocks and didn't expect there would be times like now, you shouldn't own stocks.

Congrats to Rick Santelli for finally telling the truth on TV about Jim Cramer-