It is certainly more fun when decision strategies are short these indexes and it appears a continued run on the downside would go hand in hand with a further sell off in oil. To many elements of the economic engine rely on higher oil prices which simply out way any gain the consumer may get in return. Oil is tied to business debt and some of that debt will now not be repaid. However, being an old soybean trader, oil is entering a % decline area where no one wants to initiate new shorts.
As for the overall trend in the indexes as viewed here, the data via CoverRisk, via QRiskValue still show the trend in stocks as higher. This is from composite decision programs which once again lead any reviewable industry model performances. But these things don't pick tops or bottoms so turning points come after decent moves against prior trend. Head fakes abound and year end marking is an art form with few trading days left. Some will have to do some pricing yet and be aboard indexes currently showing big gains.
