How do the performance of the stock market and the oil price affect the M&A market?

The stock market typically performs in cycles and oil (just like all commodities) rise in the late stages of an expanding economy. Mergers and Acquisitions typically happen when the markets are performing very well. So the stock market and oil could be rising with strong Mergers and Acquisitions. But much more likely (and in my option this is what is going on now) would be that the market performs strong, oil is weak and M%26amp;A are strong. However, it really depends upon the timing in the market cycle.