OVERNIGHT

Oil is down 20% since the start of the year. Though the stuff often referred to as black gold rallied Thursday, soothing somewhat investor nerves, Friday was a different story as it receded, causing further concerns about the global economy.

Two things seem to be bothering investors at the moment, not that there aren't others, China's economic health and the increased volatility. But as we've said many times investors love upside but deplore downside volatility albeit it's a legitimate part of healthy, free markets.

In early trading Friday the PBOC set the yuan to the dollar at 6.5637 keeping the ration relatively unchanged for the sixth straight day, something investors are watching very closely. In this setting stability and volatility are fungible to skittish investors. Offshore yuan traded at 6.5984 to the dollar. Just last week the market got hit with a record gap between the two sent shock waves through the market, catching many investors off guard.

Bottom line except for Japan Asian shares surrendered previous gains including China to hit a 3.5 year low. The Shanghai Composite and CSI 300 each dropped one percent. Early next week China will release some data that many hope will brighten the future and take some of the recent pall off the market. So many investors will be focusing there.

Meanwhile, here are the closing number for the U.S. Market Thursday . The Dow +228; Nasdaq +89; S&P 500 +32; Gold 1080+6; and oil $30.63-0.58.