Given that we import more than 50 percent of our oil consumption from abroad, it is clear that as these prices rise, we are essentially transferring net wealth from U.S. consumers to oil producers that are mostly located overseas.

clear evidence that this sector will not continue rising forever.

We see the slowdown crystal clear in the MBA purchase index, and it's starting to show up in monthly sales data. The one thing that was supporting the market, low mortgage rates, is being taken away.

The initial knee jerk reaction was a powerful rally in the morning. As cooler heads prevail, it's clear it's still a positive for equities, but the question is whether it is strongly positive or mildly positive.