Stocks ignore oil GFC

Tuesday 17 March 2026

Markets always approach Armageddon with a bullish charge. But SPX is still bleeding out.

Where oil goes, stocks go. Trump’s clowns are jawboning like crazy, but real oil shortages are beginning to hit and will rise rapidly from here.

Market is long oil but can get longer.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.