Updated: Nov 4, 2016
Oil just tagged our next downside target at 44.10. It’s been almost four weeks since we called the top on CL [see: Welcome to Peak Oil.] CL has since fallen over 14%. And, while it’s been a great short, its influence on SPX has been almost as impressive: a 4% drop (the thin purple line below.)Unfortunately for equities, oil’s drop isn’t finished — not by a long shot.
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