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This column was originally published on RealMoney on July 13 at 9:26 a.m. EDT.

Whenever I see the "Oil's up, so the market's down" headlines, I make it a point to see if that correlation has any factual basis.

Like many quick, intuitive explanations, it does not.

As you can see by the chart below, it's not that there's no correlation between the two. There is a correlation.

But at least in the past three-plus years the correlation has been positive, not negative.

I don't know that I'm particularly rooting for oil prices to keep going up, but so far, that rise seems to have little detrimental effect on the market.

Today, charts for the

Nasdaq Composite


Wind River Systems

( WIND),


(ENG) - Get ENGlobal Corporation Report


BioMarin Pharmaceutical

(BMRN) - Get BioMarin Pharmaceutical Inc. Report

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TheStreet Recommends


Charming Shoppes

(CHRS) - Get Coherus BioSciences, Inc. Report



(UTSI) - Get UTStarcom Holdings Corp. Report


And that is the final word from St. Andrews, where the golf gods have a sick brand of humor.

For months, I was Mr. Fairways-and-Greens, but couldn't knock down a putt.

Then my swing goes on hiatus, but I become Mr. Up-and-Down.

Today, my swing returned ... as did my hands of stone. Yes, it is a cruel game.

Please note that due to factors including low market capitalization and/or insufficient public float, we consider BioMarin Pharmaceutical and ENGlobal to be small-cap stocks. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

Charts produced by TC2000, which is a registered trademark of

Worden Brothers Inc.

P.S. from Editor-in-Chief, Dave Morrow:

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Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.

Smith writes a daily technical analysis column for and also produces a daily premium product for called The Chartman's Top Stocks --

click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he appreciates your feedback;

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