the Fed has just moved to cut both the Fed Funds rate and the Discount rate by 50 bp. The new rates are 3.0% for the Fed Funds with 2.5% the new Discount rate. The action indicates that the Fed is confident that a sudden reacceleration in the economy is no longer a threat, and another rate cut at the meeting on Oct 2 is possible The opening is expected to be very volatile with a wide range of calls for how the averages will perform in the early going There also have been a number of companies announcing stock buyback programs or extending current plans (SBUX, FDC, IVGN, BEAS, SANM, SGR, INTC). The SEC is also doing its part; according to the WSJ the SEC has waived a list of rules in an attempt to encourage buying at the open