Our woes: Mid-east crisis or US unemployment

What a major revolt in the middle-east for more than a month now! Yet the stock market did not react till yesterday. We are over 100 points down today. Will it go down further? I think it has many reasons to go for a 5-10% correction. Oil wells in Libya are going to hibernate, uncertainty in Saudi Arabia which has a fifth of all oil reserves is going to weigh heavily, scandals in India, Japan's woes, China and its own social problems raising its ugly head when gets a chance, and the list goes on. But one of the more pressing reasons would be the employment rates in US. No signs of getting better. House prices are predicted to go down another 10-25% on the average, and there are analysts on CNBC who are saying that the housing bottom is a bath-tub shaped recovery and can last till late 2012 and early 2013. If you can see that far, we may not have gone into this recession in the first place. Bottomline, we need higher employment rates. No one is able to predict when that will happen. Till then its going to be anybody's guessing game I guess.

Some stocks I am looking at right now: Refiners-CHK, TSO, CVX. Oil is going to go up but not all oil producers are going to go up because their margins are going to be squeezed due to higher purchase price of oil.

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