Manufacturing, China Crack Already Shaky Market

DJIA 15482.82 Down over 1100 points from the 16588.20 all-time high.
This is where the animal spirits kick in, in this case the spirit is fear.
From Bloomberg:

Record S&P 500 Momentum Unwinding as China Quashes Euphoria 

and

U.S. Stocks Drop After ISM Manufacturing Gauge Retreats

As far as U.S. markets are concerned the emerging markets a mosquito bite compared to the threat of a slowdown in domestic GDP.

Speaking of which, ZeroHedge, Feb. 1:

Two Months After We Said It Would, Goldman Cuts Its GDP Forecast (With Much More To Come)

I'm wearing a risk-manager hat today, blogging may be sporadic.