This morning oil futures are declining lower by $1.27 to $100.93 a barrel. This decline in crude is the primary catalyst for the large move higher in the S&P 500 Index futures ahead of the opening bell at the New York Stock Exchange. The highly popular United States Oil Fund ETF(NYSE:USO) is trading lower this morning by 0.63 cents to $40.76 a share.

The markets have had a wild session today, opening lower, shooting higher on consumer confidence numbers only to get slammed and make a dramatic move to new lows. The SPDR S&P 500 ETF (NYSE:SPY) $128.30 support level was nailed perfectly, called in the Intra Day Stock Chat. Since then, the markets have roared back, now just holding slightly to the negative side.

This entire week of trading has been done on extremely light volume. This is typical action during the week between the Christmas and New Years holiday. Today the SPDR S&P 500 Index(NYSE:SPY) found a low at 10:00 am EST and has bounced slightly higher since that time. It is always important to remember the old market adage that states, 'never short a dull market'.