ZH: March 15, 2016
Why Oil Prices May Not Move Higher
"The WTI futures market is one of the biggest gambling casinos in the world. Bets are often made on sentiment that in turn is related to world events. Price fluctuations that are based primarily on sentiment, however, have little chance of lasting longer than the sentiment or related events that produced them."
This latest "rally" was an opportunity for gamblers to pile into the only two sectors still making new highs: Consumer staples and Utilities. Steady rotation out of burned out sectors to remaining high ground has manifested in the S&P outperforming the Nasdaq and the Dow outperforming the S&P:
S&P / Dow Ratio