So although oil companies like XOM and COP did get a temporary pop in share prices as we predicted, that pop started from depressed prices from the slump in oil.

To be fair, I talked about a pop in prices after quarterly earnings, which we certainly got. But for investors making their moves based on this pop, oil prices are going to remain the main driver of share prices.

Oil prices have climbed about 6% over the past week or so, which is on trend with share price movements. And the big drop in oil prices since early June highs (oil has fallen 18.7% even including the recent pop higher), could have made more room for oil prices to tick up.