Oil prices are currently in a "sweet spot" according to John Eade, CEO of Argus Research.

Eade pointed to times in 2016 when oil was too low and 2013 when oil was too high as problematic events for stocks.

Argus Research has a 3,000 price target on the S&P 500, representing 9.1% upside from its current level of roughly 3,000.

Want exclusive investing insight from Jim Cramer? Get 24/7 access to Jim's charitable trust portfolio with a free trial to Action Alerts PLUS!