Well an hour ago it was looking as though Tuesday would start in rally bode, buoyed by a tolerably decent start to US earnings season.
But China rules all, and news from Beijing seems to have put a damper on the mini party.
According to Bloomberg, leaders have insisted on maintaining loan curbs to cool the property boom, dashing hopes that perhaps the government would go back into easing mode. Alas, no.
The Shanghai Composite has had a nice run from its recent lows — gaining 7.5% — but in early Tuesday trading its falling sharply, for its worst day in a couple weeks.
As you can see, US futures which had been rallying, are now pulling back.