david kelly, claudia saum, and jim caron. mike santoli over at the new york stock exchange. mike, what do you make of this stock market reaction? >> it is the typical first twitch is maybe the wrong move and then there's going to be the backlash and then i rethink of the backlash all in the next couple of hours. so that's not unusual. i do think the instinct to suggest that there was nor relief than not in the 50 basis point decision makes some sense. 25 basis points while it would have been fine given unemployment where it is and given the recent run of data has been pretty reassuring. i still think it would have made the market just that much more sensitive to any softness in data over the next seven weeks until the next fed meeting and maybe left the impression the fed was willing to fall behind even if it's not behind just yet. all that mixed together has to be put against the fact that the s&p 500 was already near a record high, already at 21 times forward earnings, already pretty much juiced up on soft landing expectations. i don't mean it's overdone but it's absolutel