Oil factor.

Many traders buy commodities such as oil as a hedge against inflation when the dollar is falling, and a weaker dollar makes oil cheaper for investors dealing in other currencies. Analysts believe the dollar's protracted decline has been a major reason why oil prices have nearly doubled in the past year.
The influx of so much fresh money into the energy markets has caught the attention of federal watchdogs. The US Commodity Futures Trading Commission recently said it was six months into a probe of US oil markets focused on possible price manipulation.
Oil settled at $138.54, a rise of more than 8 percent. The surged came after Morgan Stanley analyst Ole Slorer predicted strong demand in Asia and tight supplies in the Western Hemisphere could drive prices to $150 by Independence Day, when millions of Americans take to the roads.
That means no end in sight for spiraling gas prices, already above $4 per gallon in much of the country.
Even longtime market observers were shocked by the magnitude and speed of oil's rally.
"We're into unchartered territory, and somewhat off the map as far as historical precedents are concerned," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.

Tracking the Dow on Friday,06/06/08

09:30am--Huge Tsunami,gap down 110.0points.

Disappointing employment report for May and a stunning rise in oil prices which closed at a new record high of $138.54 per barrel.

10:30am--Graveyard dojis with bullish hammer.

Still hoovering around session low,no sign of even a slight gap recovery.

11:30am--Hangman.

Moving towards end of morning session,a slight technical rebound and thereafter the spinning tops again.

12:30pm--Spinning bottom.

Weakness still prevail as it's holding on to half-day's low.Rescue effort is difficult as it has reached nearly 230.0points.

01:30pm--Bearish spike down.

02:30pm--Shooting star.

03:30pm--Hammer at day's low.

It's a dead end.No hope.

04:00pm--Dragonfly doji.

Countdown to "Quadruple Withching day"--3rd Friday of June.
The critical bear main pivot of 52 weeks Dow Movng Averages.The Dow is about to join the Big League at par with Nikkei 225 of Japan & the Shanghai Stock Exchange Composite where its 52 weeks gains were totally wipe-off.It's Doom's Day.