If the Fed makes an impromptu cut, it will cause a nice bounce,...

If the Fed makes an impromptu cut, it will cause a nice bounce, but if things are really slowing globally, one cut will not help. Overall, markets will still drop lower. It will not be until valuations align with where the market believes earnings and the economy are headed—it is still early days to know whether this is something bigger of a quick flush before the election run.