Before moving on to specifics concerning the day’s market movements, we’d like to clear up a fashionable theory about sovereign wealth funds (SWFs) and the falling prices of equities.

Oil prices today sank again on inventory and overproduction, dragging equities with them. The Dow, S&P and NASDAQ are all down about 2.00%. NASDAQ is the weakest as Alphabet – Google – lost half of its gains from today’s highs on profit taking.

Unless oil recovers enough to be reckoned as “stable” by other elements in the investment community, there will be trouble in the equities.