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Sixty is not so nifty today as slowing demand fears now posses the energy complex. With politicians already talking about a second stimulus, the oil market reflects the darkening outlook for economic growth. Anemic retail sales and reports of lessening Asian demand played into the sobering mood. Oh sure, we did not close lower yesterday but the half hearted rebound after such a dramatic drop gave no one the impression that the bloodletting will soon come to an end. The market view has changed. Instead of worrying about inflation, it is now deflation fears that again have taken hold. It is not about the barrel being half full, it is about the barrel being half empty. With the market action mirroring last year's top from all time highs, unless there is a major change in the economic outlook or some immediate stimulus, the bears will again rule.
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