Prices for gasoline and crude oil have been on the rise. When does demand destruction start to occur and what does this mean for the $SPY. Over the last couple years gasoline at $3.20 a gallon has preceded each major market correction. This may not be the point of demand destruction but is an important price level to watch in advance of the next decline. Keep an eye on rising energy prices because they may start to slowly hit consumers in the pocket book as well as drive up costs and reduce earnings for fuel intensive businesses. Rising energy costs could unsettle the earnings outlook for the S&P 500. Until then, thanks Ben for the boost to stock prices and hopefully inflation is under control as you say it is... ;)