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Markets rallied today as 4th quarter GDP data released this morning came in better than expected. A slew of earnings beats also fueled the push higher.  Although the emerging markets continue to represent the greatest point of uncertainty markets post a significant gain on the better than expected domestic news. Tech earnings after the bell today proved to be lackluster with Google Inc (GOOG) missing both top and bottom line estimates and Amazon.com Inc (AMZN) selling off as revenues miss lofty expectations.  E-mini S&P 500 Futures closed well off the highs but firmly in positive territory. The end of session sell off probably represents lasting uneasiness over the situation in emerging markets. Large put buyers in the Russian ETF, RSX, hit the tape today also suggesting concerns over emerging markets. Looking to tomorrow traders are hoping for more positive data releases with Chicago PMI, and Consumer Sentiment scheduled to be released. Again we remain long this market and use rips higher to take profits as uncertainty is still a concern.

Andrew Keene

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