December E-mini S&Ps (ESZ14 -0.43%) this morning are down -0.48% and European stocks are down -1.26% on global growth concerns after manufacturing activity slowed in China and in the Eurozone.

December E-mini S&Ps (ESZ14 -0.17%) this morning are down -0.10% and European stocks are down -0.16% after the EU cut its Eurozone GDP and inflation forecasts for this year and next.

December E-mini S&Ps (ESZ14 -0.03%) this morning are up +0.14% and European stocks are up +0.29% after Wednesday's dovish minutes from the Sep 16-17 FOMC meeting bolstered speculation the Fed may hold off on raising interest rates.

December E-mini S&Ps (ESZ14 +0.34%) this morning are up +0.33% and European stocks are up +0.59% on positive carry-over from Friday's U.S. Sep payrolls report that showed the U.S. unemployment rate unexpectedly fell to a 6-year low.

A lot of the stock prognosticators are claiming that money is flowing from shaky emerging markets and small caps back to big "quality" large caps. So which are they?

December E-mini S&Ps this morning are up +0.04% and European stocks are up +0.63% on signs that China is expanding stimulus to promote economic growth after a government official familiar with the matter said the PBOC is injecting 500 billion yuan into China's five biggest banks.