Markets turn sharply lower after rate cut

• It's a buy the rumor, sell the news moment, with the major averages plunging 1.5% following the well-telegraphed Fed rate cut.
• Neither the policy statement, nor the remarks at Jay Powell's post-meeting press conference give any hint that the central planners are set to embark on a full monetary easing cycle.
• As night follows day, we await a tweet from the president questioning why the Fed didn't do 50 today and/or promise another rate cut in September.
• ETFs: SPY, QQQ, DIA, VOO, SH, SDS, IVV, SSO, TQQQ, SPXU, UPRO, SPXL, RSP, SQQQ, SPXS, PSQ, VFINX, QID