Wharton's Siegel Thinks Market Will Like Oil below $70 (Video)

I've been monitoring what Wharton Professor Jeremy Siegel's been saying on Bloomberg TV since the beginning of 2010. First off here is his 2010 outlook that he gave on Bloomberg. Before the bank prop trading ban was proposed by Obama, Siegel thought we would see a mid-year correction when the Fed started raising rates. He said equities would rise 10-15% in 2010. Today Siegel still thinks we are headed higher (post correction) and if oil breaks below $70 to $65 it will be positive for equities.  Below are quotes from the video. He also mentioned that a stronger Dollar could affect equities in the short run but is good for the long run.
"A strong dollar is good in the long run for the U.S but it can give the stock market problems in the short run, and that strengthening Dollar does make our exports less competitive, does lower the Dollar value of revenues coming from abroad. The little bit of portfolio re-allocation that comes so.."

"Now the good aspect of that is it's bringing down oil. I'd love to see oil under $70 I was disturbed when it was $83. We get oil under $70, $65, bring those energy prices down I think that will be a base for the stock market."

For more info on oil technicals, Adam Hewison at MarketClub sees a potential sell off. Here is the free video. Also if interested in Gold they have a 2 part video series on the Gold super cycle (1, 2). Full FTC disclosure, I am an affiliate.

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