You might think this is a downcast statement, but at this point, I don't. If stocks can just make it through the year in any sort of stable position, that would be good.

Standard & Poors’ Investment Policy Committee now thinks the Standard & Poors 500 will advance a bit more than 1 percent this year. In view of rising oil prices and inflation, the committee slashed its previous expectation, which was for a 6 percent annual gain.

The S&P 500 closed at just above 1468 in 2007. Previously, S&P analysts had predicted it would finish 2008 at 1560. Now, they’re settling for a target of 1490.

Which would mean, after all the downs we’ve had this year, we’ll end up about even.

I don’t put much faith in stock market price targets. It's the direction and the strength that’s important to note when looking at such forecasts. Direction is good, strength is weak.

According to The Outlook, an S&P publication, the expectation for earnings this year has also been slashed. The analysts there expect an 8 percent increase in earnings, down from a 16 percent gain expected as the year began.

On a positive note: No shrinkage in the economy. S&P is looking for some growth in Gross Domestic Product throughout this year.