Agree EMR GLOBAL, possible rally for a short time period, but continue to grind lower. It's the Bernacke/Paulson/Bush curse - they open their mouths the markets sell off...
Everyone is expecting a 50 Basis point cut this afternoon, I believe its totally priced in and that anything less than a 50 basis point cut will drop the markets at least 2%.
Im not sure the market gives a hoot if it .25 or .50. All ears will be on the statement after. I have heard that the Fed may make some sort of statement indicating non rate related action they may take as the economy continues to deteriorate. For the life of me I cant think of anything that could be though...unless its a plan to guarantee pretty much all debt... Good luck to all.
A huge rally is guaranteed. The odds of a large selloff on a rate cut are zero. The funds keep buying all the dips. All bad news priced in and the mental recession is very shallow because the core CPI was unchanged.