In my opinion, this (cutting by 75 bps) was a big mistake. The downward momentum of the markets is too strong now. It’s almost too late.
The Fed should have let the market bleed out today; then do the surprise cut tomorrow morning.
Now, should the sellers grab control, the bulls have no backstop—no put.
A rather precarious situation, if you’re long.If you enjoy the content at iBankCoin, please follow us on Twitter