Leaning Bearish

Tough to bet on continuation in this choppy market but I think we've had the upside rally due to positive Europe news earlier this week, and today should be part of that unwind.  There is a growing recognition of China weakness, although I am still seeing a lot of denial and EM love.  The US stock market should be the last one to fall, and things are lining up that way.  Hong Kong continues to be weak, especially H-shares.  Usually it pays not to fade gap downs on Fridays when there is no capitulation.  Today's gap down is definitely not capitulation.