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Thank you for this chart.
And I agree.
And if oil drops even 10% (near 29.25), these will all fall a lot: HYG, JNK, banks and financials (LAZ, JPM, CM) possibly influencing pullback on other overbought/overpriced stocks.
After the recent SPX bounce up from 1812, oil then dropped and SPX went back down instead of continuing upwards 2000. Oil, could kick off a chain reaction with financials, derivatives, and then fundamentally weak stocks.
Fast money in, fast money out. I'm not shorting this but using it as a market indicator.