Major averages slid on lower volume as oil and other commodity prices continued to trend lower which, in turn, sent the Shanghai Composite Index and Shenzhen Index over in China down another -6.4% and -7.1%, respectively.
Futures are higher by almost half a percent at the time of this writing as the price of oil trades higher and European Central Bank head Mario Draghi was out touting the "success" of Euro-QE and the potential for more. While oil has been trading around $30, a continuation of its slide would likely put additional downward pressure on the markets.
Stabilization in the price of oil, on the other hand, could cause a longer lasting bounce in the US markets, but would not remove the overhang of global economic malaise and the lack of quantitative easing in the US. Global central banks can continue to print money but this seems to be putting off the inevitable.
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