We had surprising .75 percent point rate cut yesterday and the markets are heading for a weak open. So that was it? A rate cut rally should have boosted the Dow by 500 points easily. I'm very curious about the market's direction today, but I wouldn't call a bottom yet. We're obviously still in negative sentiment mode: negative reaction on good news (rate cut) and strong negative reaction on negative news (AAPL earnings). I went long on the S&P yesterday, but closed that position again.