Why do I feel so uneasy about yesterday's rally in the markets? I enjoyed it tremendously. I'm sure you did too. All the same, I can't help but get the feeling it's like the bull's last meal before being led out to slaughter.

I hope I'm wrong about this, but the prospects of recession seem too good. I'm concerned the Fed's interest rate cutting may have started a little too late. I'm concerned they didn't fully understand how far ranging the housing market's problems would become.

Yesterday's run up was a result of the Fed's hinting of a cut in rates at next months policy meeting. The market really wanted to hear that news. Businesses today are feeling the pinch from tight credit and it's impacting earnings. If it continues we won't avoid recession.

The question is, will rate cuts do the trick? And even if they do, What will we then be saying about the price of a gallon of gas?