A few years ago, in one of my books ("The Vega Factor"), I coined a phrase to explain the new way in which oil pricing was unfolding, along with the uncertainty resulting from it.
Then, the market was facing rising crude topping $100 a barrel.
Now, the situation finds oil rising into the mid-$60s after a bout of abnormally low prices.
The phenomenon described, however, applies to oil moving in either direction.
I called it "Oil Vega."
Simply put, it refers to the increasing inability to determine the true value of crude oil based on its market price.
Now, there is a reason why I'm revisiting this phrase now.
You see, I am close to putting the finishing touch on a new investment tool that identifies stocks based on this phenomenon.