Dips Don't Last

I managed to get out of some of my short on that dip in the AM.  Still holding some.  The grind continues, there is probably more bear meat out there to chew up.  Perhaps the top will be around 1340 to 1350.  I still believe the action in the emerging markets is an omen for the ES.  The weakness in Hong Kong and now Korea is in contrast to the super strength of the Fed led liquidity run into US equities.  Eventually the ES will fall under the weight of global equity weakness.  But I don't see it happening in February.