| NW: Not so different from my own! My working thesis has been that we are at the bottom right now and will move sideways more or less for a period of consolidation. However, the Middle East situation changes everything. If it deteriorates, obviously the markets will react negatively. If the situation improves, and some modicum of calm returns to the region, the markets will respond. Who knows about that. My main concern is the naz. I had generally thought 3k would hold. If it does not, there is the possibility we will revisit the October 1999 break out point of 2688. That seems highly unlikely, since to get there we would have to move through very strong support in the 2800 area. My other big concern, of course, is the SPX. There is very strong support in the 1280-1300 area. Again, worse case, 1261. Oil, war and peace could supercede earnings and the fed as primary concerns, tho, depending on events. All of this is worth less than a grain of salt. M2 |
