The big news for the market today is the shocking change in petroleum levels reported by the U.S. Energy Information Administration. Crude and gasoline came in substantially above consensus estimate, although totals across the board are higher than a year ago and near historic highs.

European markets are not happy that ECB President Mario Draghi’s did not extend its trillion euro-bond bond asset purchase plan, which is scheduled to end March 31, 2017 (or beyond as needed). Draghi stated "Our program is effective and we should focus on its implementation.”  Investors had anticipated that the quantitative easing program would be extended.

On our economic front, initial claims for the week ending September 3 were down 4,000 to 259,000 and the 4-week moving average decreased 1,750 to 261,250.  This is now 79 consecutive weeks below 300,000, the longest run in 46 years.

The indexes are down a little across the board. Apple is a drag on the NASDAQ, down over 2% after unveiling the iPhone 7 yesterday and getting a downgrade from Wells Fargo today. Market internals are actually a little better than it appears on the surface with about 50/50 advancers/decliners, 57% up volume and 180 NYSE stocks making new highs. Energy leads today while technology lags.