The Market On Tuesday

Good morning. It is clear and bitter cold here in Upstate NY. The bitter cold is becoming a little oppressive at this point. Its been a demonstrative winter.

At 7:25 a.m. DOW futures are down 115 points, the dollar is mixed, and oil is significantly higher.

The investment journalists are all about Libya and the impact the unrest in this major oil producing country is causing. Markets are rattled and oil is climbing to two year highs. Its all about disruption of supply in a world that needs oil more than anything.

With all this emphasis on Libya, one can expect that some other factor is quietly entering the stream. Its always like that. When our attention is diverted, somebody is tip toeing around the chicken coop causing all sorts of mischief.

Not that I would technically know, but we are in for a correction. Could this be the excuse needed to get that momentum going.

CNN: Libya uprising drags down markets premarkets

...as oil prices continued to skyrocket...

...sources in the Libyan capitol report a food shortage, gunfire and violence by security forces.

Oil for April delivery jumped $6.79 cents to $96.49 a barrel.

Brent crude, the benchmark oil contract in Europe, was up $4.81 to $107.33 a barrel.