So the Fed cut 25 bps today as expected, although Donnie new appointee opted for a deeper cut, don'cha know.

The chart of the US Dollar below is instructive as to the action in the markets overall.

The Dollar plunged, and gold and silver rallied. Stocks slumped.

But, and I mean but, the 'invisible hand' grasped the markets by the throats, or some similarly tender region, and drove them the way they wished.

So gold and silver were hammered lower in the late day trade. What a surprise for an FOMC day.

It's nice to see that the wiseguys have not become too lazy to steal. 

Stocks rallied back to unchanged, and maybe a little gain.

VIX fell.

There will be a triple witch option expiration on Friday.

Not one thing has changed.  

Today was just an exercise in the undermining of what little remains of confidence in the markets and the ruling elite of the US.

What an old-fashioned notion - confidence in oaths and integrity.

Some days I just don't have the words.

As Roger Babson famously noted in September 1929, sooner or later... 

And it will leave a mark. Probably before Thanksgiving at the outside.

Have a pleasant evening.

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

More By This Author: