The Market On Monday

  Good morning. It is 73 degrees and hazy sunny here in the Upper Hudson Valley. It is going to be a very hot week, hold onto your hats. The serious heat wave is arriving. I hope you had a good weekend. I was away from the computer for most of Sunday; I highly recommend a computer hiatus. However the complexity of the world brought me back in. It always does. I am somewhat amused by Lindsey Graham's comments on Trump, casting Trump as someone who is playing with fear and prejudice. Have you ever, ever in your life heard such amazing hypocrisy? I have not. Graham's entire career is a play on playing up fear. On one level I like Trump in that he is telling the party's leaders that they are FOS. They are FOS and we know that, still Trump will not make a good president. That is a terrifying prospect.

  At 9:00 a.m. ET futures are significantly lower and the price of oil is down. The market will tank at the opening bell.

  The Chinese stock market is going through a major meltdown with major global implications. The Chinese government over the last few weeks attempted to keep a sell-off from occurring by pumping funds into the market system. That tire patch has not held. Today all hell has broken loose. Hold onto your hat, we are in for a lot of turbulence.

CNN: Stocks: 5 things to know before the open

Fears of a bigger crash in China stock markets are rising after Monday's plunge, a return of wild trading following two weeks of relative calm.

Falling commodity prices are a worrying signal about the global growth outlook. After years of insatiable appetite for raw materials, China's slowdown is playing a huge role in the demand picture.