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Boo. They did it again. They have cut the rate 25 basis points. This was not unexpected. In fact, this rate cut probably was based on expectations. Amazing!!

As Jim Bianco of Bianco research said if the Feds cut rates, "we should rename Bernanke's position to Chief Investment Officer and the FOMC statement should include the board’s predictions on how high the QQQQ ETF can go before the next FOMC meeting.”

Well, there you have it. Ben is the new CIO of US.

There was a small hope in me that Helicopter Ben would stand up and not be pressured into rate cuts. At least Thomas Hoenig of Federal Reserve Bank of Kansas City dissented. And 1/2 (6 of 12) did not want to decrease the discount rate.

Note to Ben: Hey, how about saving the discount rate action for your next emergency.

Congratulations Wall St. You have pressured the Fed into another rate cut. Let's do this again at the next meeting.

Gold was down initially after the rate cut, but is on it's way up again.