Should Be A Tough Day

Oil is ticking at around $124.80 as I write and world markets are getting a cold slap in the face this morning. AIG should set the stage for a pullback in the financials. Citibank may shed $400 billion in assets.They have a $2 trillion balance sheet. What a monster company. I think they will let some air out today as there isn’t a positive catalyst in site, and oil prices are really starting to piss the market off. With most earnings out of the way and commodities soaring it may be a good time to step aside or increase short exposure. Keep an eye on yesterdays lows to see if they are violated. I think they will crack. Critical juncture in the market as the rebound could be seriously tested here.

I guess folks that think inflation is contained( uncle ben) ride bikes and don’t eat.