I did nothing today, was too busy with my markets, and didn't know what to make of the reaction after the rate cut. :-(

Some positive development from where I sit:
Libor has been coming off. The flow of commercial paper certainly helps the credit market a little. F, GM, and Crysler have access to CP is very helpful for credit in general. GS, MS stopped last couple of days' falling, ease some concerns. Rate cuts helped bringing down USD and YEN, give some support to commodities and related shares. Crude oil inventory # today was supportive. NG is picking up some momentum from the cold weather.

With many people ready to "sell the fact" today, market didn't fall apart. The EOD selling in the last 20 minutes were "programmed" fund redemption selling which has been there everyday.

I like the long commodity shares and short spy play.