Major averages finished roughly flat yesterday closing mid-bar on lower but still above average volume. The indexes gave up an opening gap-up move and spun around in volatile fashion all day long with the Dow and the S&P 500 closing slightly up while the NASDAQ diverged to the downside. The market along with most leading stocks have yet to stage any meaningful bounce, a testament to the eroding internals.
Futures are down nearly 2% at the time of this writing as oil falls under $28, a 12-year trading low stoking fears of the slowing economy in China. On the heels of China's slowest economic growth in a quarter century, the People's Bank of China said it would lower lending rates and inject $91 billion into its financial markets, but this announcement did little to boost stock markets in China with the Shanghai Composite off another 1%.
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