Cat didn't even bounce ... Bears in control

Federal Reserve Chairman Ben Bernanke is not going to be the next Eli Manning coming down the stretch. In a surprise move the Fed cut rates this morning before the opening. The only cheering today was the NY Giants ringing the opening bell. The Dow and S&P are down over 15% from their highs. Other markets like the small caps are well in to 20% territory. Sorry, it's not enough yet. We've got another 15% to go. The S&P was at 1274 at its lowest level. In another post, I'll explain why I don't like the DOW as an indicator (it has to do with the way its structured). Everyone was selling on the rallies and raising cash. Apple got clobbered after the close, it dropped down in the low 130's. Apple is a consumer luxury, like Starbucks or Nordstrom. People are going to do without. We need a nice, steep yield curve so banks will loan business customers money. That will help techs and other B2B companies. The VIX finally creeped over 30, we bears love that because that means fear is running rampant and we smell blood in the streets. Keep your gunpowder dry, they'll be some good deals to pick up.