no rate cut = tank
1/4 pt as expected probably sellling off the news
1/2 pt (not going to happen) = market ripping
however - no rate cut means that the feds believe the market is not going to hell and the market doesnt need to be saved
1/2 pt means more or less the opposite
1/4 pt somewhere in between
if one were to see oil at 80/barrel and gold at 700+ hard to think the market is crap...to bad about credit crunch
anywho just my 2cents