Market Troubles - careful now

Looks like we're heading straight back down to the lows of the year, in fact, the financial sector is now trading at the bottom reached on the Bear Stearns day. As mentioned earlier, Oil is going parabolic now, so remember it can go a LOT higher a lot faster than we can imagine in the near term. That also means the market could get rocked as well. Oil is rising even though the Fed has basically signalled that interest rates will probably not go any lower, and in fact, will go higher from here on out (the dollar has been rallying as a result). This is basically more fuel for the fire, that oil can go much higher here. Ouch. Near term, the bulls don't have much to rally on - so be careful out there.... Don't let the memory of a march through may rally cause you to buy, it's usually a trap. Of course, there is a CHANCE we are in a channel between 12,000-13,000 on the dow, but the financials doing so badly kinda makes those chances quite slim.

Washington mutual is trading at $6 a share.... SIX DOLLARS a share. Something is definitely up with WM. Like I've been mentioning repeatedly in the past, I don't believe Bear Stearns was the last casualty in this crisis. If a national consumer bank like WM were to go down, look out. I sure hope the FDIC has enough to cover us (not quite sure though actually).