Risk assets across the board are catching a bid on the "no news" trade.
There's been "no news" out of Europe, which is being signaled as a good sign.
Also, headlines are floating out there touting the bullish signs in the China stock market.
Sure, the Shanghai composite has rallied about 5% over the past 2 days.
But let's zoom out our timeframe here:
This is a weekly chart of the SSEC. Today's close is accounted for in that white circle on the lower right.
The rally in China could easily be viewed as an oversold snapback as it comes to retest previous support.
I'm using this among other things to temper my enthusiasm about the current breakout in $SPY.