I use these to compare often. SPY has more or less followed oil price, but currencies have their effects too. Which way will it go this time, who will it follow. What will stocks like, lower than low oil, cheaper gas? Oil failing oil sector small caps, and the banks that loaned them the money, how much effect will that have on spy? Has to have some, and we don't really know how much bad debt there is. Cheap gas is good, but too low oil price could mean a disaster, be careful what you wish for, you might just get it, and the unintended consequences that come with it.