The market rallied and then fell on the news of the Fed cutting another 50 basis points. Obvioiusly, there are still plenty who are selling the rallies and with market sentiment so bearish that is not a surprise. From my viewpoint this is a good thing. Long term investors should be looking for the market to make a decent base before moving higher. A V shaped recovery would likely be short lived.
What we need is more good economic news for the market to make a sustained move higher. That doesn't happen in a day and the market recovery won't happen in a day. Tomorrow we get jobless claims and Friday the employment report. It'll be interesting to see the market reaction of the report on Friday validates the ADP report today.