I agree the market should be higher.Now that KMART has filed for chapter 11 there is one less

company to miss earnings estimates!Here is what I don't get.Walk down any street and ask any business

owner the following question, "will you sell your

business for 25x earnings?" Typically the business

owner will salivate and offer to throw in his firstborn.Yet that same person will be long S&P

or some variation of S&P and think nothing of it.

Am I missing something? The S&P was overvalued prior to the recession and now that earnings are

going to be less it rallies up to 1178 and then fails to 1100 and everyone starts crying.I think its incredible that its not trading at 650.I am not saying it will go to 650 only that if it did it wouldn't surprise me.As stated in many of my earlier posts I will be looking for the appropriate rallies to sell.