Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
A month ago, almost to the day, I mentioned oil was not confirming any positive action in the equity markets. Fast forward to mid July and we’re seeing quite the move here lately in the black gold. While still only back to mid May levels, it’s a good measure of risk on in highly financialized commodity markets. As we continue to look for secondary confirmations to the move in equities this is one that is a major positive. (certainly it’s a tax on the economy, but a good portion of S&P profits do come from energy companies)
[Chart is using USO ETF rather than light crude since the chart is not real time for the latter]
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