While its true that the central banks have used up one piece of ammunition that is hardly the end of the story IMO. There are still stimulus plans that will come to bear (and already have been adding liquidity and easing the pain).
You can take this two ways though: clearly your position is that this is the last thing that can be done, so the market can now drop to zero. The other position is that this is the last thing to be done, so now the market can begin its ascent to 20,000 and beyond!
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