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A Market on Slippery Ground

By Jim Cramer

 About this article:
 If we lose oil here, we lose this market. If oil goes below $79, there will be panic in the patch, and the hedge funds will come down with hobnail boots on the Oil Service Index (OSX) and the Oil Services HOLDRs and Chevron and Schlumberger, all of which I key on. We already have total fragility with Wells Fargo, as it has become the Achilles heel of the whole market! Plus, we also lost something this morning that's important to me: We are getting some people on air come out and say, "I like it here." The multiple data points that have to happen to propel this market higher are: Oil must stay over $79. Tech needs upside surprises. The bank index (BKX) must stabilize, something that I now believe can't happen until we get these darned secondaries done and the major banks are freed of TARP. Plus, we...

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