The dark orb of oil has had a grip on the market lately, and they seem to be working hand in hand. When oil goes lower, the stock market gets hammered; when oil goes higher, stocks finally rally.
Jim Cramer thinks this is hogwash! After all, cheap oil is great news for most companies, which show greater earnings, and consumers, who end up with extra dough in their pockets.
"There's no fighting this linkage, even though, as I keep telling you, it's really opposite of what should be happening longer-term," he said.
So, as long as there is this ridiculous linkage between the S&P and the price of oil, Cramer is going to try to explain the relationship between the two. What better way to predict the direction of these two elements, than to consult the charts?
Cramer spoke with Bob Lang, a technician who is the founder and senior strategist of ExposiveOptions.net. Lang calmed some fears, explaining that he agrees that the recent action in oil has been absolutely hideous. But the downward slide of black gold is not unprecedented, and it's not the end of the world.