Since a disappointing ISM number caused a 3% sell-off on February 5th, the S&P 500 has not rallied above its level at 2pm on January 30th (coincidentally that is the date and time of the most recent rate cut). The market lacks direction and thus has most players feeling pain.
The best advice to offer in this kind of a situation is to make up your own mind about the long-term direction of the market, allocate assets and not become overly concerned with day-to-day moves. As painful as this month may seem, the S&P 500 has been mostly flat since the third week in January. The range shown below represents a 3.5% move for the S&P, which is also indicative of the sometimes disturbing ups and downs.
The point to take away is this: in these conditions individual investors and even small institutions can get lost in the storm. When 1% rallies are sparked by a headline or a rumor there are certainly opportunities but carry with them a great deal of risk.