"You know what the news is-- in a minute, you're going to hear the rest of the story"- Paul Harvey

The stock market is a little skittish prior to the release of the "stress test" next week. When you take into account the still low levels of many blue chip stocks, insider selling has picked up dramatically, and a clear distribution is underway.

While the media continues pumping up the market, and telling you to ignore the "Sell in May, and go away" mantra, insiders are singing a different tune.

Warren Buffett was interviewed by Becky Quick this morning on CNBC, and he said the economic Pearl Harbor has passed, but "We're at a war now to some degree, but Pearl Harbor was September".

Being from Detroit, I am concerned about the Chrysler bankruptcy. In addition, I remember the days in Detroit when the nation use to believe "Is What’s Good for GM is Good for the Country". Does that include a possible bankruptcy for GM and the nation?

Clearly, a nation can only survive a short time without a balanced budget, and a massive debt. U.S. politicians are out of control with their spending habits as they continue to lace legislation with pork during one of the most tumultuous times in our financial history. They must be reined in, but we have a population whose major that doesn't pay attention or care about events happening around them.

This said, we must remember that the current rally could climb (after a brief pause) into the 900-1000 range, while still upholding the longer term bear trend. The best performing sectors & stocks in this recent rally have been the heavily shorted sectors (financials, consumer discretionary, and industrials).

With April behind us, investors will probably take some money off the table, and await the outcome of the release of the "stress test" results next week.

On the day, the Dow Industrials ended up 44.29 points or 0.54% at 8,212 and the S&P 500 Index rose 4.71 points or 0.54% to 877. The Nasdaq Composite managed a slight gain on the session closing up 1.90 points or 0.11% at 1,719.