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[Not_Bill_Oneil]

Just how late the Fed was...

at this juncture and perhaps more accurately how wrong and confused they were, will be worked out in the markets in the near term.

And it seems the current uncertainty was in some ways heightened yesterday by the Fed reacting at the very last hour to simply try to avoid our washout. That makes the sidelines the best place to stay at the moment and hopefully not too much longer.

There is no confidence out there at the moment, and it seems many are waiting for a resolution on the insurers (and it will get resolved one way or another) and a confirmation that the Fed follows through next week - to make sure they really "get it" finally. Fed funds futures have increasing odds for another 75 bps cut next week.

Separately, there are actually a few other good signs developing - more on that later. But, until this downtrend/correction/bear works out, it's very hard now to try to game it.

GL.