The source of the weakness this week is China. Apparently, any mention of deleveraging send the rats fleeing ship. Of course the overnight weakness in crude oil was faded. When have we actually had sustained overnight weakness into the opening US bell? It's been a fader's paradise lately.
Also got word that Dennis Gartman is worried about a correction. It seems like the weakness in crude oil got to him. It just means that we have that wall of worry which this stubborn bull will climb. China weakness will matter when the strong indices actually flinch on it. Right now, they are rightly ignoring it because China affects commodities more than it affects the S&P.
The crude oil weakness is another thing that points to similarities with 2015. So I expect similar price action, as we chop near the top. No trades imminent.
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