Tuesday's intraday note on the transport ETF, IYT, illustrates this point well. This was a major part of the evidence that argued against a multi phase up market, at least right now. A quite distinct -BE D printed right under our noses. Lesson 1.1: Go up against the transports and the semis at your risk!There's a growing feeling around these parts that the Fed has already gone too far, which has been building for a while. Things like transports falling apart bolster that view. One thing we can be sure of: a highly levered consumer with oil at 65+ will be getting the Fed's attention again.     I

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