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Chart of the Week: S&P 500 vs. Continuous Crude Oil Contract
Posted By Barry Ritholtz On November 22, 2004 @ 1:01 pm In Economy | Comments Disabled
This chart helps visually highlight the chart we just displayed above and hammer home the point that the next move in crude from its support should dictate near term market direction.
S&P 500 vs. Continuous Crude Oil Contract
click for larger chart
As this layover chart shows crude and the S&P have tended to remain inversely related. When crude scored its recent peak (black arrow) the S&P was setting a trough (blue arrow) and as crude continued to fall the S&P continued to rally.
Abolish the FCC 
Quote of the Day:
“Whoever wants to reach a distant goal must take many small steps.”
-Helmut Schmidt , German Chancellor
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2004/11/chart-of-the-week-sp-500-vs-continuous-crude-oil-contract/
URLs in this post:
 Image: http://bigpicture.typepad.com/photos/uncategorized/spx_v_crude.jpg
 Economics Roundtable: http://www.economicsroundtable.com/index.php
 Amateur-to-Amateur: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=601808
 Economic Histories of the Opium Trade: http://www.eh.net/encyclopedia/?article=chandra.opium
 The true story of Audion: http://panic.com/extras/audionstory/
 Abolish the FCC: http://www.changethis.com/8.AbolishTheFCC
 The Information in Option Volume for Stock Prices: http://www.mit.edu/people/junpan/volume.pdf
 Helmut Schmidt: http://en.wikipedia.org/wiki/Chancellor_of_Germany
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