The Market's Widening Out

The S&P is widening out a little, and that was an important part of whether or not this market had the gas in the tank to get to 4400. We were talking about OPEC as to whether it was going to move the oil markets. It was a complete dud. You saw oil jump up towards 75 on the July contract and faded. A quick drop below all these previous lows, maybe even as low as $60, would be incredibly short-term liquidity-driven drop.