Ryan Larson

The data this morning has dampened sentiment more so than anything else at this point in terms of confirming some of the concerns regarding growth in China.

Equities, at least in the United States, are somewhat taking their cues from oil pulling back slightly.

It's becoming quite apparent that any strength is being used to trim or exit positions as opposed to taking on new positions in the market, at least in the last couple of days.

The overall theme is that people continue to worry about the deterioration in China and, more specifically, the continued erosion in WTI.

The market at this point should expect nothing less, and if she says that, they should be no more surprised than they were yesterday, that's been well telegraphed, and I think she'll go right down the middle of the road.