In January, one of the prevailing market themes was the tight correlation between oil prices and the stock market. But now no such correlation exists, with the market simply adrift, correlated to nothing.
Stocks are just doing their own thing, which is why they've been so confusing for traders over the last few weeks. It's an environment that could be conducive to stock pickers but rough on trend followers.
Back in January, oil and stocks moved so tightly together that the close of oil at 2:30 p.m. ET would be the only opportunity for stocks to behave independently. You could see it in the intraday charts. Everything before that point was mainly oil-driven. Eventually that phase passed.
Later, the drama over Brexit and interest rates moved the market. That world has ended, too.
Now, there really is no particular driving factor.
CNBC ran a variety of correlations between the S&P 500 and other major market movers. There was not a single high-value correlation with any of those trades. And that included looking at the one-, two-, three- and four-month correlations. Nothing stood out.