Daily Wrap-up - Market Hit on Fed Announcement

At this point in the day I am a bit late to the game as you probably already know the Fed cut by a quarter point and the market sold off hard. Here is a look at the action...

Click here for symbol descriptions

Chart Courtesy of Thomson Financial

The broad market indices lost two percent or more while most sectors were down. Bonds and oil were higher while housing was the weakest area.

Earlier I suggested we could see some whipsaw action but that wasn't the case. The S&P 500 (SPX) just showed steady erosion. I would point out two things about today's action. First is that the decline puts the SPX back to 1480, that was short-term resistance area we just pushed through so it could act as support. Second, the drop today leaves the S&P 500 near the mid-point of the trading range I have been discussing. In other words, I still view the August lows as the "big" level to watch. And that is where I will pick up in the morning.

Have a nice evening...

 Email to a Friend

 Del.icio.us

 Facebook

 Reddit

 Newsvine

 Digg

 Mixx