Waiting For The Big Fade

You know how distrustful I am of up openings in the market. So this morning, when I saw the futures pointing to a positive open for the market, my first thought was that it wouldn't hold.

The market may get a bounce at the open, but I would not buy into it. I think it will fade, and we will begin to move lower by mid morning.

China's market stabilized last night, although the other major Asian markets were weak, and some of the emerging markets got crushed again.

4Q GDP was revised lower to +2.2% this morning, which was pretty much expected. Nonetheless, bond yields are rising, with the 10-year up to 4.54%. This is a good sign, as it signals strength in the market.

Be careful out there--