Futures getting killed despite full point Rate Cut

futures getting killed despite a huge rate cut. That tells me the market is worried that will not help this situation. The fed is also almost out of bullets.
This is now getting very scary.

 

"now" he says...

 

... or because of the rate cut.

 

They should have waited until Wednesday. Damned morons.

 

Half point rate cut, QE infinity. Not a full point.

 

Signals weakness and fear. It's not a shot to build business, it's the fed responding to crisis. Not exactly the kind of thing that inspires bulls to mortgage their house and go all in on QQQ.

 

Are index futures locked limit down already?

 

a few times already

 

So, trading is halted until the cash open? Then it gets bumped to 13%

 

Yes ES, NQ, YM all limit down.
No SPY, QQQ trading now, so no idea how much below that 2567.50 of ES "market price" is now.
Australia opens soon and then asia, eurex futures dax and estx50, they will give an indication of how badly down market really is.
Judging from the ask size in ES, NQ, YM that keeps growing we are already a bit below the limit down levels. However VIX Futures are stable after the limit down... so probably not much.