Equity markets are trading lower through the open 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. December Chicago PMI was also released today coming in just above consensus estimates. Earnings misses by companies such as Mastercard (MA) add to the slide. Although futures are off the lows nearly all of the week’s gains have been erased. It seems likely that we will end the last trading day of the month in negative territory as traders sell into the weekend ahead of potential action by central banks around the word. Next week will not see very many economic data releases so attention will remain on emerging markets. Through the next weeks we will continue to lean to the long side using relief days like yesterday as an opportunity to take profits.