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Today's interest rate cut saved the U.S. equity markets from a stupendous downturn. It is likely that they may also have helped a couple or three financial institutions live on to another day. Losses of 1% to 2% in U.S. markets look healthy compared to European and Asian markets that lost over 10%, some over 12%, in two days while we holidayed. The follow up in those markets is now critical and nothing less than a decidedly robust bounce sustained over several days can validate the Fed's action.

Quiver one down.