Stephen Leeb's oil indicator.

In his book "The Oil Factor", Stephen Leeb has a chart showing that a 50 to 100% rise in oil prices year over year has led to a range of performance for the S&P industrials of -11 to +17 over the following 18 months.

When the change in oil prices is >100%, the range for the S&P is -27 to +4.

Looking at what's happened to the market over the past couple of weeks, we may have hit the tipping point somewhere.

Stephen Leeb is scheduled to be on Bloomberg later today, let's see what he has to say.