The Fed Does It Again

Another bad day for the markets. I'm glad it's over but I'm not so disappointed as others probably are. Despite the fact that the markets tanked today, they closed way off from their lows. That's considered very positive at least short term. The Fed finally did what he was supposed to: cut interest rates but he took too long. Housing and financial stocks were the biggest winners so far. Market's are still very oversold so I expect a bounce of some kind shortly. AAPL reported good earnings after hours but their guidance was not as good as it could have been so I see that many stocks are selling off probably on those news. We'll see if that carries over to tomorrow morning. If the markets can stay at this levels for at least a couple of days it could setup a move up but don't count on it. Last night's pick NITE made a nice move up but it may be a slow mover. If it closes higher tomorrow it may be a good idea to move your stop loss on it.