Weekly Market Commentary 02/12/2016

It’s hard to shut out market noise, but it’s just as hard to match the financial turmoil with real events on the ground. Yes, the travails overseas cast a dark cloud over the U.S. outlook. The domestic sector most vulnerable to the global slowdown and collapse in energy prices, manufacturing, is arguably in recession territory. That’s amply manifested by various measures of factory activity, including industrial production, capital spending, especially for energy equipment, and ISM surveys of manufacturers.