Poor earnings, plus sagging crude oil, and an extraordinary loss in a patent case in the biotech sector, weighed on equities prices today.

Stock prices, however, are trying to bounce back off their lows of the day, looking for a late afternoon session, which seems itself to be swooning.

One would have justifiably thought that the barbaric attacks in Brussels would have spun out a more extreme reaction in financial markets.

Oil retuned to higher prices today during the U.S. trading session, permitting American equities to take advantage of the situation.

West Texas Intermediate crude was up over 1.00% while Brent was up just under 1.00%  at the close of regular trading. In after hours, prices seem to be holding.

The big story of the trading day is a decline in crude oil that did not create a correlative decline in U.S. equities prices. In the last few days we have seen oil and equities trade in tandem but the equities charged off in their own direction.

Oil switched partners and joined gold in dipping in price. That is a more traditional pairing.

U.S. equities and crude oil today heartily approved of the Federal Reserve’s inaction on rates yesterday.

As anticipated, the U.S. Federal Reserve stood pat on interest rate increases. This impacted all markets today, particularly crude oil and gold.

Equities were up solidly, though less spectacularly than other sharply accelerating investor areas.

At one point today oil was down over 3.25% and was dragging equities down again. In early afternoon, West Texas Intermediate and Brent North Sea started to recover.

But traders should have known that oil was overbought in the $40.00 range and its rise has gone too far, too fast.

This is a perfect day to look at bond yields and what they might be telling us about the FOMOC meeting scheduled for tomorrow and ending Wednesday.

Yet we have to take this snapshot with a grain of salt because today, European Central Bank chief Mario Draghi again hinted quite strongly that Europe-wide rate cutting is over with (as he did on Friday).

Reversing field, equities worldwide today latched back onto the positive side of the sayings of Chairman Draghi of the European Central Bank and to a very modest rise in the price of oil.

Another risk-off day swirled in markets around the world today, extending yesterday’s momentum and touching all investments in some way.

Crude oil was down, but not spectacularly so, leading us to surmise that equities are fearful of another oil meltdown, and so slipped in price.