You're witnessing it in real time. Nothing the Fed can do after rates go to Zero. The market knows it, as well. This is a broken economy, broken central bank, and broken market. Now we must make the best of it.
Ben's got 100 basis pts, left. With each cut and dump, Market Sentiment will get increasingly Bearish. Additional cuts won't save the Market. But the expectation they will + future bailouts is whats keeping this thing from crashing. Take out half the equation and things will get skittery.
Not saying today, but in future, be careful, though. Remember mid-Nov 1929 - April 1930 was one monster of a rally and I'm sure had everyone calling that it was an end to the bear. Best to stay nimble at this point, just make sure you react at longer-time frame pivots before you get run over. Public Service Announcement over