Friday 2/15/08 Pre-Bell Update: YIKES! Not gonna be a pretty day on Wall Street (Very Unpretty)

Oil is up above $96 per barrel and gold is back up at record level highs of $915 (as of 8:50 AM). Platinum broke an ALL TIME EVER record high overnight. And all the slow growth recession fears are being reflected in new data released this week and this morning. Plus fears of the bond insurer/subprime mess still yet to find the bottom (based on Paulson's/Bertankie's comments yesterday. And word on the street is finally catching up with Strategy Update's many massive warning that the credit derivatives market is the Shaquille O'Neil sized shoe that is waiting to drop. (It currently falling as we speak. Spreads getting wider.) Plus, due to a new change in SEC filing rules, people who used to have to wait a year to sell stock, can now sell after only six months -- and if things weren't bad enough, that will add several billion dollars worth of stocks that will become available to sell today. (Imagine if a lot of people are in a rush to sell, on top of everything else. Extra pressure on the way down!)

SUMMARY: We told you the February Song of the Month was "Hell's Bells" by AC/DC (as performed by Zuma Dogg and today may prove to be a good reason why.

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