This being said, we need to ask if this event will mark the final bottom. If oil prices peak and begin a dramatic decline from current levels, I would say yes. If oil prices rise to the $150-$170 range this summer as OPEC's president suggested yesterday, then no.

A $150-$170 price per barrel oil will translate into a sell off on the DJIA that could reach 10000, or slightly lower.

If you are a long term investor, there are some incredible bargains to be had in the stock market. Assuming companies like Citigroup, Merrill Lynch, General Motors and a host of others don't vaporize, extreme profit potential exists.

After a Goldman Sachs analysts cut the three companies above to sell, GM hit a 53-year low, Citigroup traded back to its 1998 low, and Merrill Lynch went to a level not seen since 2002.

The keys to a market turnaround are very simple;

1) Oil prices must drop dramatically.

As you are aware there are a few factors that can cause this to happen. In July, the Bush (Oil) Administration will stop filling the Strategic Petroleum Reserves (SPR). Saudi Arabia is going to flood the market with an addition 200,000 barrels per day. Some believe the figure could go as high as 500,000 bbl/ day.

U.S. oil consumption is falling as citizens (consumers) are driving less. In 2005, I said consumers buying big SUV's would regret it- Read Article

2) The Senate Housing Bill must pass without the political crooks attaching pork projects to the legislation.

For example, Republican Sen. John Ensign (NV) is blocking the bill by trying to add an amendment for renewable energy tax credits. What an idiot!

The housing bill would create a fund to help 400,000 homeowners refinance their con job exotic mortgages into more affordable loans backed by the government. While it may not be the perfect solution, doing something is better than nothing.

3) Speculation in oil trading must be examined, and margin requirements must be raised.

As much as I disagreed with Bill Clinton's behavior while president, he did a much better job of dealing with energy issues than President Cheney- I mean Bush. In October 2000, the Clinton Administration released 30 million barrels of crude oil from the Strategic Petroleum Reserve which drove prices down and caused speculators to going running for cover.

In April of this year, even Hillary Clinton called for the Cheney Administration (I mean Bush) to "stop adding to the Strategic Petroleum Reserve and standing ready to release oil to counter market spikes and reduce volatility".

I am not going to support any of the candidates, but Hillary Clinton could have driven down oil prices dramatically with her plan- Hillary's Plan.

So, here we are. We have a no nothing, do nothing administrative branch that is tied heavily to oil. Based on what is happening today, are you really surprised at the outcome?