Technical outlook for todays US markets

The rate cuts came as expected but far too low - they shoot with arrows again on a tank.
Good thing to start with is basically that we closed at the low yesterday but not with capitulation volume. Markets traded far lower before the opening and hedge funds bought the lows with a high expectation of rate cuts but this could end like the bailout going through. Buy the rumor and sell the fact may be the outcome. The only thing which makes me think we might have a bit more upside potential is the weekly Bollinger, which could be reached this week giving a theoretical scope of 1460 area, which is also the gap area. With a 100 BP, we would have reached those targets without any doubt. The targets to the downside at 950 SPX remain in place for now and for the end of Q1 2009 we will likely retest the 2003 lows. I will update as we see how markets behave later.