Story of the year has been the 40% drop in dollar price of oil

There is nothing like a strong tonic in the form of a collapsing oil price to help a stock market bull who is starting to sweat following a long run.

Back in January, many predicted that, in 2014, we could witness turmoil in the bond markets. In fact, the big story of the year has been the drop of around 40% in the dollar price of oil and the end, for now, of the so called commodities super cycle.

This has occurred despite turmoil in Libya, the rise of ISIS and conflict in the Ukraine which has pitted Russia against the West, culminating in an economic face down. The drop in the price of oil has surely strengthened the hand of the ECB President, Mario Draghi, in his dealings with the German Bundesbank, with widespread reports that the European Central Bank is readying itself for a serious round of monetary easing.