Hickey, in a note, cited the widely held belief that equities can't rally while oil is declining. However, when taking a look at the divergence between crude oil and equities since the beginning of oil's decline last fall, the opposite is true.
Since September 2013, crude has fallen 23 percent, while the S&P 500 has rallied 19 percent.
The four sectors that have remained 100 percent positive in the last quartile of every extended bear market for oil are: consumer staples, consumer discretionary, health care and materials, Hickey noted.
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"I'll give you that volatility in oil can be bad for the market," he said. "But once you see stabilization, lower oil is going to be good for the market and good for the economy."