I believe the rumours of the rate cut have been initiated by Jim Cramer, and troubled homebuilders. What they both really know about investments? The market has already discounted (went up) a rate cut. I'll await the Fed meeting statement, ready to pull the trigger with some put options, if there's no rate cut at all. If there is a cut, I'll just click "Cancel". There is no point being bullish when the crowd has already being so.