One Last Gasp... Maybe

850 was broken on the upside and we peaked at 875 late last week. I won't be surprised by one last gasp up to 881. If it happens, that's it for now... down we go. We could just head down from here. I'm not sure of a target. 810... 770... 750 are all in play.

It's so funny reading the CNBC.COM website on a daily basis. Headlines run the full spectrum "S&P headed to 1000"... "S&P to break down to 600". I'm glad they give equal time to the bulls and the bears, but all it does is confuse everyone. I try to focus on analysts that have been right in the recent past. Nobody is right all the time, but you kind of have to go with who has the hot hand. Knowing when to switch to someone that has what sounds like an outrageous call is hard to figure out. Roubini, Whitney, Schiff all sounded like crackpots in 2006/2007 when they were issuing warnings of what was coming. Now when do you listen to the hairbrained comments that the S&P will hit all time highs by the end of 2009 (yes, there was a guy on CNBC this morning that actually said that). That's why I'm becoming a pure technical analysis and pattern kind of guy. The charts will guide you.

Let's see what Wall Street wants to do with our money this week.