The market hit 7500 in November, bounced up, and tanked down to the 6000s last week. The best comment I've heard about whether we're heading up or down is:
"This is like those days in Nova Scotia in March where it gets to 45 degrees -- and everyone breaks out the shorts (no pun intended) and wears them even as it retreats back to the low 30s -- and they all get colds. "
Sucker's rally.