The problems for this stock market are much deeper and more worrisome than a big rise in crude oil prices. When investors make investment decisions, the amount of money they pay for gas or food doesn't matter. It matters to poor people, where the cost of gas is a higher proportion of their income. Most investment money comes from the rich and upper middle class, people with substantial discretionary income, enough to excercise vagaries like buying stocks and Bentleys. Oil could be at $300 a barrel and that would still not even put a slight crimp on this lifestyle. Sure there is a trickle down effect of less discretionary spending due to higher sums spent on gas but the effects are vastly exaggerated for investment purposes. What matters are assets like real estate, stocks, and bonds. Everyone knows housing is horrible. Bonds excluding Treasuries are horrible. Stocks are horrible. And the economy is not even in a recession officially. That is a huge warning sign. The problems haven't changed. Crude oil doesn't matter. It's still about housing and credit markets. You've just added a Fed that is now stuck in a box because its running out of fresh bullets. There is no more TAF or TSLF or emergency rate cuts to come to the rescue to squeeze the shorts. The market is pricing that in. That wasn't the case in January or March. Any dip in crude oil that causes the stock market to rally should be used as selling opportunities.