Still Meeting Resistance
18th February 2008
It looks like the long weekend ahead won out over options expiration on Friday as the net result was very little change in the stock market. The lower high made last week confirms my opinion that that the stock market will eventually test January’s lows. The S&P 500, for example, appears more likely to test 1300 than break through 1400. In the mean time, we will be waiting for a move out of this trading range before taking much action in either direction.
- JD