Posted 9:30 AM ET – The big news Overnight is that the PBOC cut interest rates and that sparked buying in Asia. The Market is weak and the price action this morning is nothing more than a bounce. There is a negative market bias and the move lower is very choppy. This was a timely rate cut by China. Overnight several brokerage firms cut their growth forecasts for 2022. Covid-19 has spread outside of quarantined areas and an estimated 2400 Chinese hedge funds have been hit with margin calls. Property developers are perilously close to default. Wars, inflation, recessions and viruses …