Oil falling toward $80

Nothing seems to stem the drop in oil, which is down another 80-cents today to $80.65/barrel.

I posted this chart two days ago and suggested that oil needed to catch up to other risk assets quickly. Instead it looks as though risk assets may fall toward oil.

I continue to believe that Europe will put together something substantial and spark a relief rally but a drop below $75 would show that’s clearly the wrong opinion.