I turn my Tradestation on a few minutes ago and OMG, I thought my data feed was screwed up, my quotes page, with all the indexes on it,, was jumping all over the place, and I could swear that it said the Q's were up 90 cents. When I saw the first chart of the ES, there it was, at 6:15 the ES went up 53.50 points and the YM 216 points, I went what in the hell is going on:

01.
Fed: Financial market conditions 'have deteriorated'8:25 AM ET, Aug 17, 2007 - 1 minute ago
02.
Fed: Tigther credit, uncertainty can undermine growth8:25 AM ET, Aug 17, 2007 - 1 minute ago
03.
[ $TNX] 10-year Treasury up 3/32 at 100-26/32; 4.648%8:24 AM ET, Aug 17, 2007 - 2 minutes ago
04.
December gold up $6 at $664 an ounce on Nymex8:24 AM ET, Aug 17, 2007 - 2 minutes ago
05.
FOMC sees downside risks to growth 'appreciably' higher8:24 AM ET, Aug 17, 2007 - 2 minutes ago
06.
French CAC-40 index up 2.4% at 5,393.178:23 AM ET, Aug 17, 2007 - 3 minutes ago
07.
[ $SPX] Stock futures skyrocket as Fed lowers discount rate8:23 AM ET, Aug 17, 2007 - 3 minutes ago
08.
U.K. FTSE 100 index up 1.8% at 5,964.708:22 AM ET, Aug 17, 2007 - 4 minutes ago
09.
German DAX 30 index up 1.5% at 7,384.078:22 AM ET, Aug 17, 2007 - 4 minutes ago
10.
Goldman Sachs sees quarter-point cut on or before Sept. 188:18 AM ET, Aug 17, 2007 - 8 minutes ago
11.
Goldman Sachs sees total 0.75 point cut by end of year


Goldman came out at 6:15MT with the rate stuff, the markets go flying higher, then 10 minutes later the FOMC comes out with the bad news about the economy, the markets go flying lower. We have since stabilized, with the Q's at 46.27.
Be EXTREMELY careful out there to day, good luck.

Ed Stenson takes a look at market news before the open.