China

The Chinese market plunged 6.8%, but the S&P broke it's 2000 record. Obviously, this is not the same story from the last time the Shanghai market dove in February. What's different? Nothing, except that nothing happened last time. Also, by resorting to a tax on trading, Chinese authorities did nothing to jeopardize even the appearance of a loss in liquidity from China. Instead of gaining on the news, the Yen was down against the dollar. So, there's another scary mask that's faded into the shadows.

I like the case the bears make; it's completely logical. However, the market is not logical, it's circularly logical and emotional.