Who is going to Win?
16th January 2008
Nobody won today’s battle. The S&P 500 was on the verge (1 point) of breaking through the intraday support last seen in March 2007 when the bargain hunters came to the rescue. While the Dow and the Nasdaq have not made it this far south, certainly because they have a lower percentage of financial components, this is an important line of demarcation between the bulls and the bears. We, like the markets themselves, are currently staying in our holding pattern. - JD