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.

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.