Disappointment is an understatement. After the FED cut the funds rate by "only" ¼ point, the markets sold off big. Also there were not the comforting words in their statement investors were looking for. Dow was down 294 and advancers beat decliners more than 5-1. I think they read my blog and wanted to prove me wrong, so they decided on just ¼ point cut. Bonds rose sharply, reducing their yield to 3.99%.
Tomorrow morning will probably see a big selloff first thing. After today's meeting, the rest of the year could see a lot of selling. In addition, tax loss selling may become more significant. This is the time to line up value stocks & look for buying points at lower prices.
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