wall st ends up 166 pts ahead last week

Given the gloom, you wouldn't think so.

Over the week the S&P gained 19, the Nasdaq 17 and the 100 7.

Last week, Bernanke's comments supported the view the Fed will cut interest rates, with rate futures pricing in a half-point rate cut in March.

Let their be no doubt, IMO the US is in recession NOW based on the info released last night and she'll be coming out of it in the second calendar half.

NB. OIL... March crude rose 15c to $95.50 barrel with a high $96.67 and low of $94.66 barrel. The April contract added 7c to $95.45 barrel with a high of $96.59 and low of $94.64. Brent ICE for March fell 53c to $94.63 barrel with a high of $95.80 and low $94.02 barrel.

Don't let the bears con you out of an opportunity IMO.