These markets just can't seem to make up their minds these days. The action seems to be controlled by the shortest term traders around, intra-day traders. Everyone else must feel like they're on the bi-polar express.

The market should break up in here. I know the data's terrible but that 's irrelevant right now. Whenever markets rebound after serious declines the data almost always looks bleakest. You should expect that. 

So far this rebound is far weaker than the 1929-30 effort the market accomplished before topping in April 1930. Then the market recovered 1/2 of the 29 decline before the April top was put in. The S&P would need to reach near 1150 to achieve the same magnitude of a rebound this time around. Can you imagine the level of bullishness if that were to occur?

Regardless, the next move should be up after some backing and filling in here. Any move towards 800 could be bought with a stop at 780 or so. Watch bonds closely this week. If you're short be very careful. With the Fed meeting going on this week, Bernanke and company will almost surely attempt to drive the yields back down with talk of direct purchases of treasuries.

On a sad note, you may have wondered what my title has to do with my commentary tonight. Last Friday morning we woke up to discover that our beloved tabby cat named Annie had been struck and killed by a car sometime in the early morning hours. She had been in the family for over 9 years. She wasn't dull and boring like a lot of older cats. She would playfully chase me around inside our house most days begging for a tussle, and I'd generally give her one! Everyone enjoyed Annie. She will be sorely missed. So goodbye Annie. We'll always love you.