HUGE Day for Wall Street!

Today was a momentous day for the stock market. Here's a run down:

• The Federal Reserve lowered the federal funds rate by 50 basis points to 4.75% - the first cut in over 4 years.
• The DJIA jumped 335.97 points, the largest one-day jump in almost 5 years.
• Gold is near all-time highs.
• Crude oil has a record close at $81.51/barrel.
  

Here's a look at the sectors that performed the best today, thanks to Google Finance.
Basic Materials stands out - up 5.24% today. Here's a very basic summary of what's happening, from my understanding: As interest rates move down, the dollar as a currency loses value because it becomes unattractive as an investment. Since many commodities are priced using dollars, a falling dollar means they go up in price because it takes more dollars to purchase them. I think this is why we saw such a surge in basic materials stocks today.

Companhia Vale do Rio Doce, symbol RIO, was up almost 10% today, an all-time high! CVRD is a diversified metals and mining company out of Brazil with a monstrous 286 BILLION dollar market cap. This is a stock that has DOUBLED since the beginning of this year. It has been in an uptrend channel for an entire year. After today's jump, I'm hesitant to trade it. The momentum will probably carry it higher, but it is running up against the uptrend roof.
Take a look at the chart:
Freeport McMoran, symbol FCX, is another materials company that has DOUBLED since January. Today it was up over 6%. I think this one might have a little more room to run, and I might have to buy some tomorrow to trade the upward momentum in the stock. It just broke above resistance at $100 on healthy volume. Check out the chart.
The Capital Goods sector includes companies from several different industries, including the homebuilders. Hovnanian, symbol HOV, was up about 28% today! HOV is a homebuilder with about a 900 million market cap. I really like this chart. The stock has been in a downtrend for about 2 years, but it is bouncing from its downtrend floor. Recent volume was climactic, suggesting most of the sellers are out. I wouldn't mind making a small trade on this one, however, the stock could go to ZERO, so I wouldn't put in more than I'm comfortable losing completely. Look at this crazy chart.
As I'm looking through the stocks in these various sectors, I don't really like the way that Google Finance has them grouped. Stocks in totally unrelated industries are grouped together. I need to find a better way of looking at stocks sector by sector.