Quick Update on this morning's Fed action:
I just got returned from my trip last night(and missed the big rally last afternoon). The US markets along with most international markets had a very tough time during the past week. And this morning came the Fed's rescue. Now the question becomes "Now What". In my opinion, the market will continue to be very volatile for the next few trading sessions but one thing is almost certain, that is, the lows that both Dow and S&P touched yesterday have a very good chance to be the lows of this correction. If this is the case, it's very easy to enter new trades as stop-loss can be easily set at that lower level. That being said, the road of recovery won't be a straight one but it will be a rewarding one in the end. Good luck!

Market view:
It's no surprise that the Fed's rescue moved the market up by more than 200 points. However, with VIX still hovering around 30, next week will be anything but quiet. One thing is almost certain, that is, the picture of this whole mess is getting clearer and clearer day by day: The "trust" crisis caused the "liquidity" crisis, which forced many leveraged funds to dump assets to meet investors' redemption requests. At one point, both Japan's Nikkei and Hongkong's HangSeng were down more than 20% from their peaks, which was much worse compared to roughly 10% drop in US major indexes. This is a classic case that how global markets are connected together these days(unfortunately or maybe fortunately, China is not really part of the link). With all major central banks pumping billions and billions of liquidity into the financial system, this drama will end sooner or later. But the lesson should be learned. That is, each bubble will follow by a crash and a bigger bubble will follow by a bigger crash. In this case, it's the liquidity bubble that the US Fed and US government created during the past 6 years following 911. I believe that China will have a very similar burst sometime next year. And it can be a very nasty one...