Since North American petroleum production spawned an oil bear market in 2014, energy prices have had a commanding influence on stock prices. As US stock prices repeatedly retested their previous highs last July and again in late December 2015, we witnessed an extreme negative divergence with oil prices signaling trouble for equities. Each time oil fell to new lows the Dow could not resist the rising perception of global slowing and eventually crashed over 10% each time. If soothsayers can determine when oil will bottom, we can be assured that stocks will follow suit.
As Goes Oil, So Goes the Market
Posted by Kurt Kallaus - FinancialSense,com
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