If yesterdays rally was based on oversold technicals I can accept that, if it went up because the Fed will cut 50 bips today, I say sell everything and get short. The Fed in my view has become “spent” and irrelevant. The only indicator that I care about these days is the unemployment number and that number should continue to weaken. At the end of the day it’s about the consumer as he/she is the meat and potatoes of the economy, and they are on their bellies crawling through the wreckage right now, and it should unfortunately get worse.
I was MIA yesterday and I won’t be chasing a thing here but will lurking with great interest.