The Market On Monday

  Good morning. It is 74 degrees and sunny here in the Upper Hudson Valley. We are in for a hot one. I hope you had a good weekend. I have to say my weekend was very good, it was productive, restful, and illuminating. In addition, the food was especially good as we all go about enjoy all the amazing fresh produce from farmer's markets and our backyard gardens. Eat well America.

  At 8:50 a.m. ET futures losses are the most I have seen in a one day event and the price of oil is also significantly lower. The market is poised to open extremely lower, crash day lower.

  China's stock market is on a steady crash diet. This is the worst one day opening loss I have seen even since 2008. This is the type of day that will break the hearts of many globally. If you are an investor, think long, at some point the dust will settle and there will be a reforming. The global economy will adjust, it will take time, but it will. What is the alternative? Like aging, the stock market is not for sissies.

CNN: Strap in for a brutal day

Traders were hoping Chinese authorities would step in over the weekend to support the markets. "Unfortunately, there was nothing but disappointment and trader's angst turned into anger this morning and they decided to liquidate their positions," said Naeem Aslam, chief market analyst at Ava Capital Markets.