AM THOUGHTS

**Data, retail sales come in WEAK***

I am getting that feeling this AM, but I will say this for us.......we have been LOOKING for the TOP and stayed true to that yesterday (Yes P) as one of my targets held (came to within a few points)

AS MANY disregard subprime trouble, this will be THE scandal of 2007.....and its effects hardly felt yet.HOV BZH TOL now falling AGAIN to NEW LOWS, remember how many hopped aboard at the lows, bet they are still holding (THE BAG)

SO OK< we have GS etc nowhere near 52 wk highs, home builders falling to new lows, subprime crisis, consumers pulling back, SPX profits predicted 5% growth (dbl digit string broken), I believe we have enough info as to which side to LEAN on, I will let you know any action I take.

I am hoping on an initial SLOW opening...that doesnt GAP down to the lows...maybe even some GREEN (fake out) there I would prefer to lay my shorts using QID, why QID? because NAZ has lagged all the way.....NEVER confirmed SPX move