Actually, if you look at the fed fund futures for Feb08, there is already an expectation for a further 50bps rate cut I guess.
I believe Marty Zweig said this. He also coined "the trend is your friend." He also used (and maybe still does) a composite approach that looks at Fed/monetary policy, overall trends and a few other things. That's the key. If the Fed is still cutting after there's evidence of a bottom and a new rally starting (Spring/Summer 2003), I agree. Don't fight the Fed when the trend is also your friend. But if you followed the "don't fight the Fed" mantra starting in Jan '01, you'd wait over 5 years just to break even (S&P 500 was in mid-1300s at that time).
yup, he did he also said 'buy Global Crossing' on wall street week, early october 2000 --> OOPS (too bad he didnt also believe in not fighting stock market sector crashes)