The bottom line is the technical picture is terrible at best.
1.) We had three days of negative trading ending in a high-volume sell-off,
2.) The SPYs are below their 200 day SMA,
3.) The QQQQs broke their uptrend,
4.) Breadth is negative across the board, and
5.) The market's fewer and fewer strong stocks all took hits last week that broke their uptrends.
6.) There is also the further complication of the CDO/mortgage issue. It's quite possible that before the week is over we'll see more write-down of mortgage portfolios.
On top of that, there is little technical reason for the markets to rally, except, "the markets have sold off so we should nibble at some shares," or in practical parlance, "the technical bounce".
This is not the week to go long on anything. In addition, I would not be surprised to see a further sell-off.