I was bullish on the market for the 4 months leading to april. I only switched bearish when i realized oil was in an unsustainable bubble. Russia/China agreement on Iran sanctions made a sudden israeli airstrike impossible. Oil WAS going to dip to 60$--and take the wjole XLE XLB down with it. But that thesis is out the window. This oil spill changes everything. There will be no new drilling expansion offshore. Oil is easily going to 100 this summer. Oil will NOT start negatively impacting discretionary/retail stocks until we get back to the 110-120 level. The SPY cannot crash with oil rising. GS could literally drop 50 dollars, if the massive energy/materials sector cant crash, the SPY cant crash. Its literally not possible, based on the increasingly heavy weighting of commodity stocks.