Last night, I toyed with writing a blog that said the market would open today — up or down — depending on four things that would occur before the opening.  On Thursday night, Google would announce its earnings and China would announce its GDP growth rate for the first quarter.  This morning, both JP Morgan and Wells Fargo would also announce their earnings.

All three earnings reports were positive surprises.  All three beat both gross revenue and net income expectations.  However, China’s GDP growth was “only” 8.1% instead of the 8.3% that was expected, and Dow futures now indicate it will lose 50 points at the open.

Apparently, China’s growth rate means more than the U.S. earnings . . . I don’t think so!

You can’t believe everything the market tells you, at least in the short-run.