Just another addition to my above post.
Art Hogan (Jeffries & Company chief Market Strategist) interview this morning The last 30 seconds of Audio he reckons that the Energy price drop is net positive to Companies and this has not yet been realised by investors and so it has not yet been factored into the Equity Markets.
http://www.marketwatch.com/tvradio/player.asp?guid={b182634f-5f1c-4a7c-b088-a89ebbc61ccb} (audio link approx 4 mins)