Rate Hike

China came in with a somewhat of a surprise this weekend raising interest rates.  I was surprised and it is pulling down Europe and the ES a bit.  But Europe is down much more than the S&P and the underperformance in Europe is getting out of hand.  Perhaps it is because of year end forces and portfolio window dressing.  The US market seems bulletproof.  Still targeting low 1240s.  The longs are already in, everyone playing the year end rally will likely want to sell by Friday or next Monday.