Dow down 3.8% on week, closes below 12K for first time since March

U.S. indexes fall sharply as oil prices rise and financials stagger. The market continued to move down this week. There appears to be too much headwind for it to move higher. Selling pressure has been present all week. Seldom does the market rise the week following options expiration week.

I expect next week to be flat or down and the market to make fresh lows for 2008 before we see any signs of a relief rally.