I'll Take It!

 | Jan 06, 2012 | 4:18 PM EST
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If this is profit-taking, bring it on. We've had a terrific beginning of the year, and it's happened in the face of everything that makes us cringe: Italian bond yields, no funding for European banks after a tough UniCredit auction and, of course, the free-fall of the euro.

Doug Kass put it best with his "Declaration of Independence," which followed his magnificent surprises piece.

But can it last?

Here's what I think has to happen. We need to hear from China next. We need a pincer move between China, with a reserve cut, and the U.S., with more job growth.

These two -- China and the U.S. -- will cushion what Europe throws at us in the form of some bond auctions that very well could be miserable next week, particularly the mid-week Spanish and Italian offerings.

Still the Nasdaq did terrifically, and it didn't have Google (GOOG). The banks were great leaders, and they didn't give up the ghost today.

Could have been worse. MUCH WORSE.

And it sure wasn't.

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