The Market On Monday

  Good morning. It is 67 degrees and overcast here in the Upper Hudson Valley. Rain is expected right through the week. I hope you had a good relaxing and invigorating weekend. It's important that we take advantage of these Summer days, August is moving pretty fast. We see that Southern California had some torrential rain and then mudslides. They are in a jam. We would like to see them get about two weeks of slow steady rain, no torrential pours.

  At 8:30 a.m. ET futures are modestly higher and the price of oil per barrel is down. The market is poised to open higher.

  What can we say. There is a fear that the market is in a correction mode and who saw that coming. In truth why is it a fear, the market goes through corrections and dips and that's life in the stock market. We shall see, perhaps the week will bring some stability perhaps not. It's all about a global economy and world events that are way beyond anyone's reach.

CNN: Stocks: 4 things to know before the open

Portugal's central bank announced it is using €4.9 billion ($6.6 billion) to rescue Banco Espirito Santo.

At 10 a.m. ET, the U. S Census Bureau is releasing its report on factory orders for June.