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New York trader: Bottomless oil to hit stocks

Traders on the floor of the New York Stock Exchange.
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Traders on the floor of the New York Stock Exchange.

One step forward, two steps back: That's the theme of the current market.

The ECB was supposed to be the knight in shining armor, but that story lost its legs real fast. Now the story of the day is deflation concerns in Japan, China and Europe. And while the NYSE is located on an island, the U.S. market won't be insulated.

WTI Crude has been the early and most powerful symbol of deflation that ultimately will dictate the direction of the S&P 500.