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I guess investors got what they wanted. Personally, I'm with K.C. Fed Governor Hoenig, who voted against the rate decrease. Within the Fed's own statement they said, "Economic growth was solid in the third quarter, and strains in financial markets have eased somewhat on balance." So, why cut? Because Wall Street demanded it--end of story.

Bonds sold-off, gold rallied sharply, the dollar fell and crude oil reached another high.

Nevertheless, with bulls still in charge of the tape they'll find a way to look at the bright side, and drove prices higher after some initial hesitation.

Continuing to lead all markets higher are overseas. A quick glance at the BRIC's says it all:

So many charts, so little time. That's the nature of things right now. But, the above markets give you a pretty good sense of things.

The refrain "inflate of die" is probably apt when it comes to monetary policy influenced by the needs of Wall Street, banks and politicians. Today's Fed is emboldened by a belief that they can manage, nay"micro-manage" things just fine, thank you very much. With doctored inflation data befitting Argentina they pound the table that inflation is contained. Gold, Uncle Buck, commodity prices [energy, metals, food, etc.] and even bonds to some extent tell a different tale.

The only tale that matters is that of the tape. And it's bullish.

Disclaimer: Among other issues the ETF Digest maintains positions in: S&P 500 Index (NYSEARCA:SPY), MidCap SPDRs ETF (NYSEARCA:MDY), NASDAQ 100 Trust Shares ETF (QQQQ), iShares Goldman Sachs Technology Index Fund (NYSEARCA:IGM), United States Oil Fund ETF (NYSEARCA:USO), PowerShares DB Energy Fund (NYSEARCA:DBE), streetTRACKS Gold Trust ETF (NYSEARCA:GLD), Market Vectors Gold Miners ETF (NYSEARCA:GDX), PowerShares DB US Dollar Index Bearish (NYSEARCA:UDN), PowerShares DB Commodity Index Tracking Fund (NYSEARCA:DBC), iShares Lehman 7-10 Yr Treasury Bond ETF (NYSEARCA:IEF), iShares MSCI Brazil Index ETF (NYSEARCA:EWZ), Market Vector Russia ETF Trust (NYSEARCA:RSX), iPath MSCI India ETN (NYSEARCA:INP) and SPDR S&P China (NYSEARCA:GXC).

Source: David Fry's Market Outlook for Thursday