Markets turn sharply lower after rate cut

Jul. 31, 2019 2:56 PM ETQQQ, SPY, DIA, IVV, RSP, PSQ, SH, SSO, QID, SDS, SPXL, SPXS, UPRO, TQQQ, SQQQ, VOO, VFINX, SPXUBy: Stephen Alpher, SA News Editor171 Comments
  • 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

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