Oil is slamming up against resistance.
The odds favor a correction here, probably to the $38-39 area.
This, in turn, would drag on stocks. $38 Oil would pull the S&P 500 to the mid-2000s (probably 2,040).
At that point it'd be time to reassess the markets. The fact is that this rally has come too far too fast. The odds favor at least a 5% if not a 10% correction here.
Long-term, we believe the S&P 500 will break below 600. This will take time to unfold, but we’re going there eventually…
We are already preparing our clients for this with a 21-page investment report titled the Stock Market Crash Survival Guide.
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Best Regards
Graham Summers
Chief Market Strategist
Phoenix Capital Research
via http://ift.tt/2by3MNb Phoenix Capital Research