Jim Cramer, the host of Mad Money on CNBC, used chart analysis by commodity broker, Carley Garner, on the April 9th show.
Garner analyzed the NASDAQ 100 futures contract, symbol NQ, in conjunction with WTI crude oil futures, symbol CL. These two assets have been trading with a positive correlation well into the 90s. While the correlation will likely weaken, it will probably remain intact. Further, the NQ is likely in store for a blow-off top in the coming months and oil, after a short-term pullback, could be headed for $80 per barrel.