Oil Is Everything Right Now

The S&P 500 is up 1.2%.

Not coincidentally, oil futures just took a pretty big dive.

Oil is everything right now, and might remain so until the various ructions fade.

Via The Schork Report, here’s a quick overnight chart of oil vs. the dollar. The correlation isn’t hard to spot.

chart

Photo: Schork Report

Overnight, PragCap posted a similar chart, but of oil vs. equities:

chart

Photo: PragCap

So for now, we’ll keep reporting on anytime Qaddafi takes a piss.

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