My broker called me earlier in the day with his interpretation of the latest turn of events.
The half-point cut by the Fed is an act of panic. The fact that they skipped the usual quarter point move, plus the sudden action, indicate that things are even worse than they appear.
Much of the morning's huge surge was the covering of short positions, not positive sentiment.
If the market doesn't close up at least 100 points today then Monday might be especially ugly. It's not time to break out the champagne.
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