Fed Nirvana !!!

As we all expectin fed interest rate cut was reflex bounce, And was not for real but a range bound action on Major Indices. Reaching 1400-1420 was key level to break over head resistance on S&P500, And is it prone to failure ? or break the resistance with past 2 days of price/volume distribution. Technical stand point it looks like we are going to retest the January lows 1270 thesis, And I'm not going to arguing if it does heads to Jan lows which is almost 10% from the current levels then i would say buckle up guys for a roller coaster ride before it takes a U turn for medium to long term rally. So first we are going South before we go for any rally.I would say bears are in control of markets after y'day's low volume with another big higher volume pull back after a disappointment of ISM services this morning.

Fed has lost his credibility towards overall economy but its good for the stock markets by cuts the interest rates.By the way, look at the 10 years bond markets at 3.73 and the fed cutting interest rate at 3.00, Is fed below the curve? Anyway, it looks like we are heading with higher inflation with combination of slower economic growth.