Beware of Stocks vs Crude Oil Price

How high can stocks go following the dissipation of Grexit, reiterated ECB calls to stick with its asset purchases and the stabilisation in Chinese stocks? Can equity bulls ignore the relationship between oil and stocks?
The 22% decline in oil from the May high raises the old question from early Q1: Will cutbacks from oil companies weigh on overall spending? Remember how in January, economists raised the red flag over oil prices’ tumble below $50s, owing to the implications of severe cuts in capital expenditure by big oil/gas companies could, falling by as 20%, as low revenues no longer justify project finance.