The Market Needs More Fear

S&P's Mark Arbeter says there has not been enough panic in the market for major indexes to trace out a strong bottom

The stock market continues to get punished by ever soaring crude oil prices and the continued meltdown in the financial sector. One of these factors, in isolation, would be enough to send stocks lower, but both at the same time is simply too much to bear. (Pun intended.) As I looked at my quote machine early on Friday, July 11, crude oil was up $5.00 per barrel to a record high, Fannie Mae (FNM) and Freddie Mac (FRE) were each indicated lower by 45%, and foreign markets were very weak. Can it get any worse?

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