Dan Dicker, Energy contributor at TheStreet.com, talks with Jim Cramer about the upcoming OPEC meetings in Vienna. Many OPEC members have been calling for a Cartel-wide production cut, hoping to stabilize prices and help with their reeling national economies. But Dicker says that Saudi Arabia's strategy of decimating the U.S. shale producers and other non-OPEC oil suppliers is working, albeit less quickly than they might have hoped. A year of low oil prices is only beginning to deliver the restructurings and outright bankruptcies that are needed to clear the space of marginal producers. Without a new, lower quota, many are expecting a drop in oil prices similar to the one we saw last year when OPEC couldn't cut production targets either. In this, Dicker thinks, they could be very much mistaken.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.