Equity markets end the month with a moderately lower session as ES futures rally through the day and close well off the lows. The market was under pressure today as emerging market concerns continue to weigh on stocks. Personal Income and Outlays was released this morning as well with data showing lower than expected growth in both personal income and spending. ES futures spent a shot time in positive territory before selling off into the close. Next week will see the release of the January employment situation and this number will undoubtedly be closely watched by traders and investors around the world. Price action into the close indicates continuing concern over emerging markets and currency concerns. Traders likely trimmed long exposure due to headline risk over the weekend. The first half of next week however does not see a lot of data releases so eyes will be on earnings. Earnings have been mixed with companies like MasterCard Inc. (MA) reporting below estimates while tech companies like Facebook (FB) have been performing well. We remain long the market but have been establishing small shorts in weaker stocks.