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Need to Know: This next big oil level hangs like a ‘Sword of Damocles’ over bulls’ heads

Oil is throwing a massive tantrum right now, just in time to spoil the 8th anniversary of the stock market’s bull run.

Even if equities largely pay no mind to calendar dates, and yesterday’s stock slide wasn’t too severe, the slick stuff is tossing some shade this morning as Wednesday’s sell-off reloads. (Thank shale-oil pioneer Harold Hamm’s oil-killer comment for that meltdown, say some).

Fear not, says Cracked Market’s Jani Ziedins, the stock pullback is “anything but spiraling out of control.”

“If we were vulnerable to a collapse, it would have happened by now. Most likely we are setting up for another sideways consolidation like we saw between December and February,” he says on his blog.

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