I think permabulls are bragging way too soon, what we are seeing is massive volatility day after day, there is a huge tug of war going on and whether the Fed's actions decisively give it to the bulls remains to be seen. To take this action after only days earlier saying no cuts - how scared where they of a complete capitulation? Nor does it do much for their credibility which ought to be above reproach. This lets the shoddy lenders and overgeared off the hook (for now) if they do a 180 about face to a loosening bias and means the asset bubbles will only get bigger and uglier when they finally burst.
So the Fed has either been very scared or very weak, neither of which is good news in the long run.
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