Big Ben and Co. cut the federal funds rate by 75 basis points this morning. That seemed to help soften the blow to the U.S. markets as they have mostly faded the opening gap.
Right now I have a very, very heavy cash position. In my long term (read: retirement) accounts, I am still continuing to gobble up great value for the long haul. However, in all of my short term accounts, I am very heavily set to cash right now.
I’ll be on the lookout for some good positions starting this evening, however, I will likely hold out to see how things settle out a bit. I’m not a day trader, and don’t enjoy having to open up the intra-day charts while I’ve got a million other things going on!
Anyhow, good luck, trade smart!
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