The downside of the interest rate reduction is rising inflation. It will take a few months for the problem to show up but it appears to be inevitable. There is simply no way to add billions of dollars to a slow economy and not expect them to have an impact.

One way the rate cut is making inflation worse is by reducing the value of our dollars. Within two days after the Fed's action, the dollar fell sharply against most foreign currencies. The lower purchasing power of the dollar will soon begin to push prices up for nearly all imported goods.

Prices of Chinese imports are likely to go up the most due to that country's rising production costs. Soaring energy and commodity prices are behind most of the increases. Higher labor costs are also having an impact. The bottom line is countless consumer goods are becoming more expensive.

I was looking for a down market but this will give the market one more boost. Then when inflation kicks in the market will fall again like it was in July and August. The market does not like inflation.
Still hang on to your metals stocks because with inflation that is the way to play the commodity market.