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A Stock Market Overview

While we are all here because of an interest in energy, sometimes it pays to step back and consider the overall state of financial markets. Nothing exists in a vacuum and, as sure as eggs are eggs, if the broader stock market is heading for a fall the energy sector will be dragged down with it. That particular view, that a major correction, even a collapse, is imminent, has been gaining ground in the last couple of days.

That is hardly surprising. The rally over the last five years has been strong, but over the last few months looks to be running out of steam. We have seen a major correction in many of the speculative growth stocks driven by momentum and, while both the S&P 500 and the Dow have hit record highs, each incremental increase in those records has been met by a wave of selling. That pattern is repeating itself this week.

If, like me, all of this, combined with the parade of bears being trotted out in the financial media, has you worried, it is worth considering a couple of things. First, we have heard these bears growl many times. I guess that like a broken clock they will be right at some point, but the predictions of doom are beginning to sound more like a broken record. (For younger readers, records were what we used for music before CDs, which were what we used for music before it could be downloaded.) There was no shortage of people warning of a “double dip” in 2010 or attempting to call the top all of the way through the second…

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