Hi Giddy
In support of your post i found this
http://www.minyanville.com/trading-and-investing/commodities-and-options/articles/Oil-strength-oil-bears-IEZ-ivv/7/19/2012/id/42567?Mod=MKTW
The graph shows a correlation between oil and IEZ a definite V formation in strength forming
Cheers
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