Wall Street carnage.

The financial markets holocust which happens from Latin America right until Europe and Asia Pacific spread into Wall Street in the opening wee hours of trading day.

It hasn't been spared as soon as it opens its door for the business day despite the news that the Fed cut rates by 75 basis points prior to its scheduled Jan. 30 meeting.

The fed funds rate now stands at 3.50% and the discount rate stands at 4.00%. The Fed decided to take action due to a “weakening economic outlook and increasing downside risks to growth.” Of note, St. Louis Fed President William Poole dissented, as he did not believe current conditions justified action before the Jan. 30 meeting.

The rate cut has done little to lift the stock market in the early-going.DJ30 -368.65 NASDAQ -88.00 SP500 -44.25.

The Fed decided to take action due to a "weakening economic outlook and increasing downside risks to growth." It is the largest cut since 1984, and the Fed's first inter meeting cut since 2001.

The last 30 minutes of trading again noticed a gap-down selling pressure as concerns about the aggressive nature of the Fed's easing, and what it signaled about economic conditions, caused unease for some traders. Subsequently, the stock market did indeed start the day on a sharply lower note---a very big GAP-DOWN in no man's land.The final day candlestick saw a bullish spinning bottom beside a bearish dangerous hammer.Looks like wanting to send to the graveyard again as the news is a junkie maybe a mild profit taking for the follow through session..On the whole the day's candlestick is a long white bullish bar.