Peter Boockvar, equity market strategist at Miller Tabak says:
"The market won't go down until it disabuses itself of the notion that the Fed can do anything."
But he also cautions against the possibility that "we're rallying ourselves out of a rate cut".
Well, what if the economy were OK all along and the 50 bp cut were all gravy, a pure gift to the market. Another cut or not would not matter much in that case except to the market's slope of ascent.