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Oil bounced, and then failed. Remember when they said that higher lows could be good for oil? Well, that’s gone now. Stay tuned … . Our immediate risk range for WTI Oil today is 46.43-51.86.

Don’t forget that most bounces were led by counter-trends: oil, Russia and junk. That’s low value bouncing.

As far as Russian equities (RTSI) are concerned, they’re getting tagged and bagged for another -5.3% loss. So much for the oil-driven bounce. And that has everything to do with deflation.

Deflation Continues to Roil the Globe - 14