At this point, I'm looking to the Dow to regain 10,500 as a first target. I am giving a remote outside chance to see the low 11,000s by year-end. I will be using 10,500 as the beginning to unload some of that exposure and to be full moved back should the index reach back to the 11,500 level. Again, I'm giving this an outside chance only.

In the S&P 500, I would like to see the gap filled near 1100 as a first target. I am not looking for a fundamental rally back to the 1275-1300 range. Should this occur, I'll be looking to reverse the bias and put back on some short exposure for what I believe to be a retracement in the first half of 2009.

In the Nasdaq 100, I have NDX 1470 as a first target with 1710 as an outside chance. Again, I would like to see a move above 1470 to visit the 1710 level to unload the majority of that exposure. I would then use any movement to the 1800s for short exposure for what I believe to be a tough first half of 2009. If the higher outside targets aren't reached before year-end, I'll have to readjust the game plan.

At this point, with all charts basically worthless, the above is at least a game plan that I can work from over the next three months. I'll adjust week by week as needed. A failure back to the most recent lows without the first targets in each index being reached will negate the bias and send me back to the drawing board.