The market is soooooo slooooow today. Here's a story topping the conversation of late.

Halftime: Did China Just Kill Our Bull Market?
On Monday, chatter on the Street had everything to with China’s unexpected rate hike, and whether Beijing would quash the global rally in equities to keep China’s inflation under control. Chinese shares were hit hard on the rate hike news, with the Shanghai index dropping 1.9 percent after rising earlier in the day.

Investors interpreted the developments as a sign that China was willing to sacrifice growth to keep a lid on prices – especially domestic food prices. As you might expect, commodities came under pressure, with crude, wheat, and cotton all in the red.

How should you position now? Both Dennis Gartman and Jon Najarian remain bullish. In fact they say China’s decision to raise rates isn’t a sign of trouble at all – rather it’s a sign that China’s economy is very strong. “If the markets thought China was going to quash the bull we’d see oil down $1 or more, says Dennis Gartman.” “No I don’t think the rate increase is nearly as serious as some people make it out to be.”

Jared Levy shares the sentiment and sees opportunity not only in China but in all the RDEs or rapidly developing economies. “Demand for infrastructure, chemicals and even food,” should remain robust, he says. To play the theme, Levy suggests long positions in FMC Corp and Rockwood Holdings.

Steve Cortes, however, sees the rate hike quite differently. He tells the desk these developments are material and bearish. He thinks the rate hike is just the first move with more to come. “China is behind the curve in fighting inflation. I think China has about 200 basis points to go if they get serious about fighting inflation.”

Cotes is also concerned by the action in the Emerging Markets ETF as compared to the S&P. “The EEM has traded poorly in the recent weeks – it’s off the November high while the S&P is about 2% above that same high. It’s sign that money is flowing out of emerging markets and into the United States.”

As a result Cortes is skeptical of China high fliers such as BHP and Vale and is short Las Vegas Sands (due to their Macao presence) at $50 and again at $47. “I'd be very cautious,” he says.