You can ignore a lot of things in life and never have to worry but I implore you to not ignore what the financials are doing right now. They are sick, very sick. They should be leading and they are not. Wait, correct that, they are leading, to the downside. It does not matter what you indicator you follow, $BKX, $DJUSFN, XLF, or IYF the story is the same. Please pay heed to this!
Rather than drone on about crude any more than I already have I will focus in on who should be a loser with this and that is the airlines. Continental (CAL 3rd chart) started the day with a gap up and is forming a nice bearish engulfing bar today. It is also being turned back by a descending trend line from it's old high about $52.50 along with the 50day(heading down) and a 200day ma which is looking ripe to roll over. I would expect a rally up todays bar so waiting for the stock to break today's low is adviseable.I came across the above cartoon today(2nd from top) and it made me think of Blackstone (BX chart top) and its IPO. Maybe it was because of this and how Zell took advantage of all those MBA's over there. As to what Blackstone does, I read this a while back had to laugh, buy undervalued companies, fix them up, and sell them for a profit !! Is this Krantz guy kidding? The guys at Blackstone target companies with fairly decent balance sheets, go out (hat in hand) begging for institutional money using very little of their own, saddle the company in question with a trainload of debt destroying the balance sheet and the existing bond holders in the process (just ask the BCE bond holders if you don't believe me), pay themselves a special dividend which consumes any and all cash on the balance sheet, and then sell the boated, debt laden pig of its former self company to the unsuspecting public. Regardless everyone, which includes participants in the IPO of $29 are now under water. Good luck and good trading to you.
Disclaimer- an attorney friend reminded me to remind you (the reader) that my comments are not to be construed as recommendations but rather my thoughts on the markets. Do your own homework and never invest money you cannot afford to lose.