My feeling is that an upside break will be a head fake and a downside break will lead to a major decline that will likely test the September 2001 lows,

There are already signs of a substantial reduction in these flows so far.

We're in a frenetic short-covering based rally. The jury is still out about how long this is going to last.

All these obstacles, (investors) are seeing right through them. Where is the liftoff going to come from?

The most popular price level that everybody thinks of is 10,000 because it's such a round number and these very significant round numbers very often have a lot of clout in terms of being difficult to penetrate in any direction.

The so-called risky assets are continuing to outperform.