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!

More from Video

Apple Watch 4 Review: Plenty to Be Excited About, But Is It Worth the Price Tag?

Apple Watch 4 Review: Plenty to Be Excited About, But Is It Worth the Price Tag?

A Rally in This Sector Could Push the S&P 500 to 3,000

A Rally in This Sector Could Push the S&P 500 to 3,000

Striking Options: Fed, S&P 500, Crude Oil

Striking Options: Fed, S&P 500, Crude Oil

There's Actually a Correlation Between Economic Growth and Waste

There's Actually a Correlation Between Economic Growth and Waste

UBS SVP Offers Some Signs to Spot a Recession

UBS SVP Offers Some Signs to Spot a Recession