Oil broke down as expected yesterday, leading stocks lower after a week of trying to retrace losses from earlier this month. It occurred despite an impressive spike in USDJPY, which should be concerning to central planners.
Since oil first peaked on Oct 10, equities have had a tough time of it. As we discussed in Welcome to Peak Oil, it will continue to be a problem.
We’ll take a look at why, and what it might portend for equities over the coming weeks.
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