That was ugly (S&P 1 day chart).
That wasn't a reaction to the Fed; it was a non-reaction that led to a pile-on. The sellers were ready to roll.
The way is now paved for a sharp move down from here. I wouldn't expect more than 5 - 10% though.
Microsoft officially denies that it is interested in buying EA. Methinks they doth protest too much. I wouldn't either if I were Microsoft but it feels like they are going to do something.
It looks like the Nintendo Wii price cuts (to $199) are official.