Ugly...

Here's from our first post this morning:

"As I was preparing this message, 23 minutes into the session, the S&P 500 was off -1.04%, and the Dow was down 293 points.

Then, while I was applying the finishing touches, stocks literally screamed higher, with the Dow showing a +200 print -- the Fed just surprise-announced a .50% rate cut.

Now, as I try to close this message, the Dow's down 100 points, but it's jumping all over the place by the second. Could go green again any minute. If indeed traders fade this news, it could get ugly in a hurry..."

Well, they faded it, and it's getting ugly: As I type, the S&P 500 is down 2.63% and the Dow's off 737 points.

Now, don't hold your breath, I can virtually assure you that huge up days like yesterday are still in the cards -- counter-trend rallies are common, and often violent. I can also virtually assure you that central bank intervention at this stage of the cycle really offers very little to the real economy -- and when the market gets that message the ball game's pretty much over. 

Not suggesting that the ball game's yet over, just pointing out how (among other factors we've highlighted herein) it'll most likely end, when it finally does...