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Not even positive earnings or strong guidance were enough to compete with fear over economic cooling in trading on Wednesday. A nine day losing streak is discouraging even oil bulls.

Energy stocks were up but mostly stagnant today as dueling economic elements and general market haziness had investors playing it safe. Smaller energy companies appeared to have the most luck, as lower risk looked more appealing.

Treasury yields have fallen below S&P 500 dividend yields, which occurs rarer than a Blue Moon. S&P's Stovall says historically, stocks have moved significantly higher 12 months later.

The broader energy sector sunk today as debt concern and a rising dollar pushed shares of major oil companies lower. At $87 a barrel some analysts are worrying major companies will engage in fewer projects in the upcoming months.

Worries over the payroll reversed gains from yesterday's positive manufacturing reports within the energy sector. Natural gas got a boost on several Wells Fargo upgrades.