That's pretty much the story overnight as Asian shares returned most of Tuesday's gains. The culprit of choice was once again that thick black stuff the climate change crowd loves to hate but a bunch of people of nearly all ages hope will stage some sort of rally soon.
Without energy there's no demand for a real recovery and without a real recovery there's no demand at this point for energy. So it become like a lot of things in the world today a stalemate. Earlier the Shanghai Composite index was down neatly 1.4% while the Hang Seng in Hong Khong, the ASX 200 and the Nikkei 225 suffered similar fates.
For Japan the market entered bear market land, now down over 20% since it topped out last June. For the Hang Seng it was the lowest level since 2012. It's like one of those déjà vu all over again things. Market after market down double digits from their recent highs. In the case of Australia's ASX 200 it's down nearly 20% from its high last spring.
Crude fell to a new13-year low. Gold eked out a small positive gain as investors continue to wait for more positive news than that of the past few weeks. Hope springs eternal.
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