TheStreet’s Jim Cramer says every time oil goes down, the S&P goes down. He says right now we’re in total fear mode and he doesn’t see it ending yet. He says oil should stabilize because at a certain point we will use more of it but it hasn’t happened yet. Cramer says he doesn’t trust oil at the moment because there’s a gigantic glut in this country and it’s not clear where all this oil is going to go. He explains that there is no real market for the additional oil in the U.S., nor are we able to export it yet. He says lower oil will stimulate growth throughout the world but because we’re in fear mode, he worries people’s thinking won’t shift to where they start thinking about world growth because of oil. In the meantime, he says, investors should brace for themselves for dips in the market.
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