The fate of the global equity market rally now comes down to China. Will it continue to stockpile hard assets? Will the data points continue to soothe and impress? Much is at stake either way…  

If you grew up in the United States, you know that English literature is one of those subjects they foist upon you in 10th grade or so. I recall very little from English Lit 101. Most of the stories and poems we read (or pretended to read) have become a hazy blur.

But after all these years, one poem still stands out. Due to its oddness and simplicity, I have never forgotten it. The poem is “Red Wheelbarrow” by William Carlos Williams, and it goes like this:

so much depends

upon

a red wheel

barrow

glazed with rain

water

beside the white

chickens.

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The markets started the week down, with the Dow closing -3.27% lower.  The NASDAQ and the S&P 500 were both down on the day closing at 1501.80 and 787.53 respectively.  The 10-year price was up today with yields closing at 2.712%.  Both oil and gold contracts were down today with oil settling at $48.41 and gold at $917.70.

The markets were down today on news that the government had rejected GM’s [GM: 2.70, -0.92 (-25.41%)] and Chrysler’s restructuring plan.  Share prices fell over -25% as a result of the poor news.  Obama said in a press conference that the Treasury will provide working capital for the next 60 days as GM puts together a new restructuring plan.  The government also indicated that bankruptcy might be the best restructuring plan for these companies.  GM has fallen over -30% year to date and is well below their 52-week high of