Today certainly appears to be a corrective move both domestically and abroad following yesterday`s dramatic near record-setting selloff in the equity index markets. With the Dow down nearly 1200 points at one time and the S&P 500 off nearly 150 points, the market was headed for the single worst day in history before some furious buying staved off that dubious title.
Crude oil prices wash out after the Energy Information Administration (EIA) shows a surprise drop in refinery runs and a lower forecast from that seems to suggest that the pain in the oil market may not be over.
The IEA indicated in its report that the long-awaited rebalancing of the global oil market has begun but is likely to last through 2016 as the supply overhang is expected to persist through 2016. Overall it was a supportive report but one that is still projecting supply to outstrip demand through 2016.
A surprise move out of the People's Bank of China (PBOC) to devalue its currency has sent some shock waves throughout the market as the world’s second largest economy responds to weak export data over the weekend.