S&P

Well folks the market is just shrugging off the bad news in the economy. Yesterday news that last month was the highest month ever for bankruptcy filings did not impact the market. Folks we are once again in irrational exuberance. Goldman Sachs said yesterday oil should reach 150-200 in the next 16 months, does anyone know what that would do to the economy. I can tell you! It would slow it down to negative growth for sure.
I think we are almost close to the top here in the markets. I am looking at that S&P 1455 number, which is 35 points away as very strong resistance and will set up shorts from there. FNM had terrible numbers and after the stock opened down $2+ point it rallied. Ok lose $2 billion in 3 months and the stock rallies, this is so funny. FNM is nothing more than a $15 stock and I will short it again up here.
Stay cash heavy here folks because we wont stay irrational for long. If you are heavy on the long side except for the commodity stocks I would be scaling back here.