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Perplexing market action on Tuesday’s left investors trying to determine if the rally was out of steam or just taking a pause.Stocks sold-off in the morning but later pared losses with beleaguered bank stocks including market bellwether Goldman Sachs leading the charge.However, Street favorites such as Freeport -- as well as the materials names broadly -- were the worst performers in the S&P after China said it will raise its benchmark one-year lending and deposit rate by 25 basis points, effective Wednesday.
"The rally has shown a lot of resilience, and this is an interesting test of people's conviction," says Eric Kuby, chief investment officer at North Star Investment in a Reuters interview.What should you be watching? How should you position now?Instant Insights with the Fast Money traders
Tuesday was reversal day, Steve Cortes. What I mean by that is things that were working in September and most of October – things like energy and gold -- were not working on Tuesday; that’s telling.
It says to me the world has been putting a lot faith in China and its ability to engineer a soft landing. I do not share that enthusiasm. I’m bearish on the China trade and a seller of resources.
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