It’s been a difficult session from the opening bell, as the only economic news today came out of China where imports were down for the 12th consecutive month and exports declined also.  Their trade deficit is still enormous, but the numbers portray a shaky global economy where demand has stalled and a shaky transition to a domestic economy.  I think it is part of any growth pattern but the entire world is on pins and needles. Ironically, the Shanghai was up 1.5% overnight perhaps in part to speculation of stimulus there, and on news that China plans to resume initial public offer’s (IPO) after a 4 month moratorium.

Key Dow support begins at 17,300, which should be safe today, although the last hour of trading could be difficult.  I do like the way rails are trading but there isn't much more that looks encouraging.  We need to put the session in proper perspective as the Dow has rallied six straight weeks.  These sessions are important to test resolve.

 Not making any new moves this afternoon.