Well shut my mouth. The market did tank right after the FOMC announcement, (took them long enough to get it out today) but from positive territory, and bounced back out of negative where it remained at a modest gain until the coolest double top ever formed and in the last ten minutes the markets became negative. What a ride!

Despite what my esteemed colleague says, my own crystal ball says to me that the markets have some dropping to do before close on Friday, and yes like he says probably some (more) dropping on Monday - it'll be Monday, after all. My feelings just come from the slim odds buyers will be gutsy enough yet to hold over the weekend. Lots of fun stuff can happen over two days. All that said, the markets are still undervalued, so there is lots of "up wiggle room." If you're looking for value, you're not losing much more than 10-15% if you get in now, and it's 10% of not much. And it's all but guaranteed to be 20% (20% of not much... ha) higher within a few years.

As for the rate cut, I didn't think it'd be 50 basis points - which as far as I know was what the markets were looking for - but I don't make money off of predicting policymakers. Despite it being what the market was asking for, we still had that drop at the end of today.

Advice: Keep positions small, don't use margin unless you do this on a more-than part time basis, and put money into index funds and names that have been punished with a downturn, but the fundamentals remain stable. You may add to profitable positions as the market makes it's turnaround over the next several months. When the market psychology changes, it'll be time to go all in. It's still too biased to say that a bottom is formed, speculations aside.

Here's to a great bottom. Eventually.

Disclaimer:Any information contained in the above article represents my opinions only, and should not be construed as personalized investment advice. I cannot assess, verify or guarantee the suitability of any particular investment to any particular situation and the reader of the article bears complete responsibility for its own investment research and should seek the advice of a qualified investment professional that provides individualized advice prior to making any investment decisions. All opinions expressed and information and data provided therein are subject to change without notice.