kaltbaum premarket

Here is the headline I just read:
 
U.S. equity futures have rebounded following the release of disappointing economic data!

 
It’s almost too funny. Crappy economic data makes markets go up. Yup…there is actually some speculation of QE3.5…no I am not making this up.
 
The real story overnight is China now pulling a Bernanke…so markets are up. But for me…it is end of quarter in the next two days…and market was due to bounce. No matter what has happened in the past few days, major indices are still above their recent breakout…and more importantly, above their 50 day moving averages. If the breakout gets taken out and more importantly, the 50 day…then things get interesting…but until then, one cannot turn bearish…but one can be a little worried about the recent action.
 
Nothing to add this morning as the recent smack to the downside may change things. At the very least, it has become a tougher proposition in past days. But I will never underestimate what these central banks are doing…so again, until the 50 day gets taken out, careful about becoming overly bearish.