The Market On Tuesday

  Good morning. It is 27 degrees with freezing rain here in the Upper Hudson Valley. Let me put it in simple terms, watch your ass out on the road driving, please. Reminds me that I once did a full 360 degree spin when I wiped out on ice on a back road in Massachusetts. I hit the guard rail, I was shaken up but okay, the car was okay too. I carefully drove away and reduced my speed by over 50 per cent. So be careful, drive safely, and drive annoyingly slow.

  At 8:50 a.m. ET futures are scraping the ground they are so low and the price of oil, remarkably, is up. The market is poised to tank at the opening bell.

  The indexes have a lot of height to fall from with the price of oil at unheard of levels. OPEC has found an amazing way to enact mischief in the world economy. The Russian Ruble is presently about as worthless as a penny, Russia can't exist without oil revenue. So what's going to happen? I suspect that in time there will be a correction, correction in the sense that oil will eventually rise in price, it might take some time, but it will happen. After all, oil is not an infinitely available product. Eventually we run out. I also suspect that the environment is going to have a lot to say about our increased emission of CO2 into the atmosphere. Don't tell me humanity has a semblance of sanity. In a time when it is imperative to cut CO2 emissions, we are on course to increase CO2 emissions further. Nothing could possibly be more insane than this humanity greed driven activity, nothing, no cop shooting or choking some poor black person, and yes that's insane too, but this is beyond comparison.

CNN: Stocks: 5 things to know before the open

Traders are blaming oil for the widespread loss of confidence in stock markets. Crude oil is trading below $64 per barrel, a level not seen since 2009, and that is seriously hurting oil companies and igniting concerns about a squeeze on the booming American oil industry.