Don’t fight the tape!

We have to remain Bears, as Wednesday’s distribution is just one more piece of evidence of its dominance.

The Fed’s 50 basis point rate cut comes nine days after an emergency 75 basis point cut.

Where the market rallied nicely from lows after the emergency cut, it has closed the day in negative territory after the latest cut.

But it’s usually the day after a rate decision that the market’s intermediate trend becomes apparent.