Australia cut a key lending rate a full one pe%rcent reversing an early 3.7% slide to finish its day up 1.7%. Japan left its rate unchanged at .5% So did that action in Australia calm everyone down? I doubt it but the news is the news, the markets here rallied considerably the last hour as I mentioned in class last night.
Markets move in patterns that reflect human behavior, that is what socionomics is all about. But the media is always looking for a 'news event' to justify what has happened. Did a rate cut on an island nation of 20 people calm the world, well that is the story, I would suggest that most of the selling had abated but as market technicians say, there is always a fundamental news event to justify what has happened technically in the markets.
Professor Elam 
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