Chart of the Week: Crude Oil at new Highs (6 Months)

Is Crude correlated to Equities – or not? Since the October 2002 lows, both the Nasdaq and Crude have at least doubled. More recently, market gyrations have been inverse to the price of crude oil.

Crude Oil at new Highs (6 Months)
click for larger chart

Crude_62005_1

Source: Redwood Technimentals

Technimental’s Kevin Lane observes:  “When crude surged the markets went down, when crude corrected the markets went up. Then quietly this closely correlated relationship unwound itself. However with crude threatening to breakout above its April highs and the market may start to pay attention to crude again.”

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