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False Linkage to Oil Is a Big Anchor

By Jim Cramer

 About this article:
 Once again today we see the problem with a commodity-driven market -- it simply can't be trusted. If oil has been manipulated up by traders and is now beginning to respond to the desultory fundamentals, then the complex is too high and the rallies, whether they be in Conoco or Occidental Pete (as examples), can't be trusted. (I am conscious of the Howard Simons issue of actual leverage to oil, but the real issue is that these are levered to ETFs that are viewed, rightly or wrongly, as proxies for oil.) The further impact and carryover to the oil drillers is again a major impact situation. To me, given the still-inflated price of oil -- I am using a $45-$50 target -- the Oil Services HOLDR should be sold every time we get a rally. And as Don Dion has written endlessly, the U.S....

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