You want your whole screen reversed? How about if China cut rates this weekend? What would that do to Caterpillar (CAT), down 12 straight points? You still want to sell Joy Global (JOYG), down 24% year over year? Still want to dump all the oils like everyone else? You think Freeport-McMoRan (JOYG) is still a good short at $37?
We are in a heavy "China off" moment today, and people have decided that because oil is down, the world must be weaker. They are taking their cue, too, from the weak durable-goods numbers and from the decline in the price of natural gas.
I say that if you get housing and autos and retail staying strong and if oil drops a little, we might have something worth going the other way on. And if we get a Chinese rate cut? We will be off to the races.
So, think twice before dumping. The Chinese cavalry could be right around the corner, and it could be the chatter going into the weekend.