If the US markets affected Asia, then doesn't Europe's policies affect the US? That's the message we are seeing this morning. In a global economy, you need coordination of policies. At least that is what the bears see.
However, when the Fed cuts next week, people will have to look further out than the next day of trading. Eventually, the low rates on cash will force pension funds to shift assets into stocks for actuarial reasons.
But what's the definition of "eventually?"