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Market's seasonal cheer on hold until oil finds footing

VIDEO3:3603:36
Falling oil a curveball for Wall Street: Pro

What's typically a jolly time for the U.S. stock market has been anything but this December, with equities unlikely to find their footing until the price of oil stabilizes.

"Seasonally it's extremely disappointing, as this is about the time you'd expect an upward bias to the markets," Jim Russell, portfolio manager, Bahl & Gaynor, said of the market's recent pullback, which has had the down for five out of the last six sessions, and tacking on another 0.6 percent decline on Monday to last week's 3.5 percent drop.

On Monday, crude futures for January delivery declined $1.90, or 3.3 percent, to close at $55.91, the lowest finish since May 2009.

"It's anybody's guess when oil prices stop declining. There is sufficient momentum to the downside that it probably overshoots beyond fundamentals," Russell said.