If crude oil prices hit $60 a barrel, that's going to stir up old fears of higher energy prices and revive worries about their impact on consumer spending. The $60 dollar level is a key psychological barrier.
Earnings will be coming in full gear today, but even if they were to be good, stock investors will question the sustainability of such results given high oil prices.
Right now it is a market of indecision. There's no clear theme to build on. If retail sales come in very strong, it is going to tip that delicate scale into the direction of a strong economy, a hot economy and higher rates.