Today is off to a good start in the markets as China's currency and equity markets stabilize abetted by China's Central Bank Yuan intervention. A continued source of volatility is the dispersion around China's expected growth which is skewed to the downside. If China's economy grows at its targeted 6.5 percent then global growth will be acceptable, but not if it actual growth is significantly less. Lower Chinese growth leads to lower energy prices, lower commodity prices, and weaker Emerging Market growth.

"China is still the second largest economy in the world and is trying to reform their economy, albeit poorly, but they have the resources and wherewithal to get it right but in the meantime expect they will be a continued source of volatility. Meanwhile, U.S. corporate earnings season for Q4 2015 has begun and will give a more accurate read of the U.S. and global economy", says Voya Global Perspective.