Editor’s Note: It’s all about oil. The black goo is the only indicator right now, says Jeff Clark. When oil hits a short-term top, expect to see a new bottom for stocks…

Editor’s Note: Stock selling is contagious, says Jeff Clark in The Growth Stock Wire. Portfolio managers are updating their stock holdings as the quarter comes to an end, and Jeff thinks there could be some real bargains on offer…

The big picture is as ugly as ever, says Jeff Clark in The Growth Stock Wire. But Jeff thinks we may be shaping up for a rally.

It may not seem that way, of course. The US has been badly buffeted by a lot ugly economic data recently.

Yesterday we heard that house prices plunged 15.3% year-on-year in April. Consumer confidence has dropped to a 16-year low. Heavy hitters such as George Soros and Alan Greenspan are sounding the recession alarm. And Wall Street is shedding jobs — and profits – at record rates.