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After ECB confusion, Street watching China & oil again

Caught in a quiet period between central bank news, stocks could look to oil prices and overnight China action for direction on Friday.

"I think we might be looking back towards oil and China as being the defining factors of the market, making our market somewhat uninvestible," said Dan Veru, chief investment officer at Palisade Capital Management.

"If the correlations remain high, active managers are going to really struggle. It's going to be really tough to do your job. The markets really aren't tied to anything fundamental," he said.