Should you trust the Wall Street strategists and their predictions for 2011?

They're bullish that's for sure with most expecting a turbo-charged year for emerging markets -- as well as Boeing. Yes Boeing.

Check out what they're saying, on average:

Street Consensus
S&P 500  + 9 %
Asia (ex Japan) + 30%
China  + 20%
Emerging Markets + 30%
Source: Birinyi Associates

Dow Stocks 2011 - Average Analyst Target
Boeing to rise 32%
JPmorgan to rise 24%
3M to rise 14%
Source: Birinyi Associates

What should you make of it?

Instant Insights with the Fast Money traders

I think the estimates are way overblow, says JJ Kinahan. Of all the estimates I think the only one that’s close to accurate is the S&P, which I think will be up around 6%.

I think the S&P will be up much more than 9%, counters Brian Kelly. I expect investors will put money to work in the US because we’re in much better shape than the rest of the world.

I agree that the 2011 will be the year of the US, says Steve Cortes. I love America and Apple pie and long the US dollar. But I’m also very negative on Europe.