When the markets struggled for a technical bounce in the morning, that was investors sending a message that we're either heading toward an economic recession or toward a profits recession.
That was a signal that we were headed toward distress.
Every time (crude prices) move toward $50, it raises serious questions about the economy and earnings in 2005.
It's a migration toward value as a reflection that investors believe the growth rates of earnings are slowing. It will continue until investors are convinced that the Fed will take its foot off the break, or reduce interest rates.