Stocks are going nowhere unless oil prices stabilize. ‘I think U.S. stocks are going to have a rough ride in the first quarter and I think risk appetite is going to be fairly low for the first few months of the year ,’ he said. ‘We may see that 10 percent correction, but progressing through the year, that risk appetite will return and I think we’re going to end 2016 roughly where we started, which is going to be positive given the start of the year that we had.’ To make matters worse, Erlam said oil at $20 – or a 33 percent decline from where it is now - is a real possibility. ‘We’ve seen seven consecutive days of losses in oil,’ said Craig Erlam, senior market analyst at Oanda, based in London. ‘I think the fundamentals are strongly against oil at this stage and we’re still seeing this oversupply story. Even if we see production in the U.S. drop off further, it’s only slightly below the highest level we had in the middle of last year.’ TheStreet’s Scott Gamm has more from Wall Street.

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