The inability of crude oil to hold so much as an oversold bounce this week from badly beaten-down conditions surely cannot be a good sign for global growth. While I am aware of the geopolitical theories as to why this is happening, I am also not discounting the potential negative implications of bid-less crude.
Looking ahead, I am keying off of crude and the correlation to equities to see if stocks come under pressure if crude remains weak.
See you after the bell for my video market recap with more discussion.
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Chess, my current belief is that oil will be a primary guide to us, for the near term at least. Over the past couple weeks, it’s been lockstep with stocks. While this isn’t an earthshattering discovery, any sort of GPS tool in navigating markets always has use to me.