The Market On Friday

  Good morning. It is 67 degrees and cloudy here in the Upper Hudson Valley. We got some serious rain through the night and everything is still quite damp. The humidity has tapered off, it's all good as the rain has perked up all the greenery. The forecast is saying we see the sun today.

  At 9:00 a.m. ET futures are moderately lower and the price of oil per barrel is down. The market is poised to open lower.

  Well what can we say, the misery continues. I could essentially copy and paste the same thing I wrote yesterday, today. China's equities market is in upheaval and there is a global oil glut which is sending the price of oil per barrel lower and lower and lower. I do know this, at some point this China/oil situation will truly find a bottom and at that point there will be a reversal. We are seeing articles now that point to oil dropping below $15 per barrel. All I can say is at that point expect to see a lot of economic suffering going on throughout the world especially in countries where oil is the main export. There is a big shake out going on, and it's not over.

CNN: Stocks: 6 things to know before the open

China manufacturing data came out worse than expected, hitting its lowest level in more than six years. The slowdown in China's factory activity is adding to concerns about the strength of global economic growth.