The conventional wisdom has been that higher crude oil is bad for stocks. That is completely idiotic simpleton analysis. The energy, infrastructure, and ag plays feed off of higher crude prices, sure, higher crude hurts the airlines and the truckers, but what % of the S&P are they? Higher crude has almost no effect on tech, financials, etc. The people who are going to be hurt with higher crude prices are those who don't have enough spare cash to buy stocks or expensive goods. They are the poor, living paycheck to paycheck, where a few extra dollars spent on fuel hurts, they don't matter to the stock market. If they are suffering, it means nothing to the market. Crude closed almost at $117 today, are there still doubters about the rally? This with the dollar gaining on the euro. Now everyone is saying that its a blowoff top with speculators jumping in, but according to COT futures open interest data that came out today, the speculators increased short positions while the commercials have increased long positions. If crude oil pulls back significantly, it will be bad news for the stock market. The oil and ag plays have been the building blocks for this latest rally.