Stocks had a better day than I expected. The Dow was actually up while the Nasdaq came off its lows of the day. This is probably in reaction to what is perceived to be a sure thing, the Fed cutting the rate very deeply. Most are predicting a 0.75% cut. Some even believe the Fed will cut as much as 1%.
But it is my belief that this is too little too late. I really don't think it matters what the Fed does at this point. The Fed Funds rate is a blunt instrument and the economy is way to far in its downward trajectory for something like this to rescue things.
While I think the market will continue to go down, it is about the time you need to create a shopping list and start thinking hard about the companies you want to own 5 or 10 years from now. My shopping list needs to be updated but I still think its a good list. Actually, if you take a look at the list, all my stocks are doing well comparatively to where the market was at the time. Some of them are doing great like Potash.