One reality is this chart's output. The 1st cut in a cycle doesn’t call the bottom in stocks. Quite the opposite actually - look back at the rate cut cycle in 2000.
This morning Taiwan cut rates for the 1st time since 2002. They unexpectedly cut their benchmark rate to 3.5%, and the stock market sold off on the news, closing down -1.2% on the day.
After we get through this domestic tsunami of economic issues in the US, the masses will be forced to get back to business and realize that it is global this time, indeed.