And while it might look quiet in the market, with one day left in the trading year. Look at the oil stocks. Crude ending lower by more than 2. 5 . And exxon, chevron, b. P. That got hit, closing out the day at the session lows here. What are we seeing here . A rotation at the end of the year. We pointed that out last night and that is yesterday to those on the metric system. The oil was down after the api report of build. And then the doe report, again a build and people werent expecting that. And production is flat looiped at 9. 2 Million Barrels a day. So you are not seeing the reduction in production with the rate count reduction. Now people are expecting that, they are piling into exxonmobil, chevron, the big happen energy names thinking they could weather the storm the best and if oil bottoms, they would rocket off. When oil started to turn, you had to get out of them end of the year and that is what happened today. And you pair that off with the comments from the Saudi Energy Min
And the biotech nightmare that lost more than half of its value and what sent the stock cratering. But first renewed fears over china, the shanghai falling more than 2. 5 . Industrial production, a revamp of the ipo system weighing on investor sentiment. This was chosen as the top business story of the year. 2015. So for 2016, could china but the big wild card for the markets. Tim, what do you say . I dont think so. I think we obsessed over it in 2015. China has a major credit problem and they are the biggest part of the problem. I think the things today were the drivers, the currency is at fresh lows. And the yuan, you could read it 234 terms of Deflationary Forces and read it in terms of the economy outright or a competitive deval around the world but i think we priced that in. Well get china pmi on friday night. The numbers that were out were nah. And what china is going through, people Pay Attention to. When liquidity is terrible, it makes sense people are concerned. Bigger issue i
Of the bright spots today, nasdaq up 12plus points. Were still about a 13year high for the technologyheavy composite there. Kelly . The focus shifting immediately to netflix. Earnings there are due out shortly. Until we get them, lets break down what happened on wall street. Joining us now, jim moffett, jeffrey from Raymond James and michael from destination wealth management. Gentlemen, thank you for joining us. Thank you. Jim, lets start with you. Look, thoughts on the day. Weve seen this theme now for a couple of trading sessions, where stocks are actually paring their losses throughout the session. Does that tell you real money isnt participating here . I think the trend is going up both in the United States and around the world. All right. Im sorry, jim moffett, i have to interrupt you briefly because we have netflix numbers. Julia, how do they look . Well, bill, earnings per share coming in better than expected, coming in at 49 cents per share. Thats up from 11 cents in the yeara