8500 is not panic
A year and a half ago I calculated that the market would go to 8500. This was even before the problems of higher fuel and food. I strongly feel the 8500 is were the market should be. We may rally to 12000 or 12500 but that will be because investors still need to be battered one more time before they realize the companies just are not growing and with out growth the stocks don’t go up. If you see 12000 in the next months … beware.