"Now the difficulty with those warnings is that they were not specific." -- Lee H. HamiltonNEW YORK ( TheStreet) -- In my various writings online and on Twitter I have been aggressively arguing in the past two weeks that intermarket trends are deteriorating, signaling that we could be in a corrective period right here, right now. Given the number of "nouveau bulls" out there who are under the impression that stocks can't go down in the face of central bank stimulus, now does seem to be the ripe time for markets to refresh fear and pull back when few expect it before ultimately making new all-time highs by the end of the fall. I spoke about this at length recently on
The question, of course, is whether declining oil prices are a good thing for equities. The past decade has shown a strong correlation between oil and stocks. Markets actually like oil rising (to a certain point), and don't like when they are falling. Could this weakness in energy be yet another warning of an October correction in which we may be in the early stages? Should be a fun next few weeks. At the time of publication the author had no position in any of the stocks mentioned. Follow @pensionpartners This article was written by an independent contributor, separate from TheStreet's regular news coverage.