Oil Sinks Stocks.

The Dow plummeted more than 350 points Thursday as selling accelerated following a record surge in oil prices. Oil reached $140 a barrel for the first time ever Thursday following reports that Libya may cut production and an OPEC official said crude could hit $170 a barrel this summer."This is volatility-based momentum," said Stephen Schork, publisher of energy trading newsletter The Schork Report.A lot of bears, investors who bet that the price of oil is going to go down, started buying oil to cover their short sales because they are afraid oil will shoot up overnight, said Schork.
Goldman (GS, Fortune 500) also cut its ratings on U.S. investment banks to "neutral'' from "attractive" because of continued deterioration of the banking industry and the prospect of a lengthy recovery.


Tracking the Dow on Thursday,26/06/08.(Breaking 52 weeks Low)


9:30am--Bearish Gap Down 100.0points.
An early opening CRASH!
10:30am--Shooting Star.
No sign of even a quarter gap recovery.
11:30am--Bearish Hammer.
12:30pm--Bearish Low
1:30pm--Bearish Graveyard.
2:30pm--Graveyard
3:30pm--The pall bearers.
4:00pm--The sinking Titanic.