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TTO Morning comment 03-01-07, Low should be in. |
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Written by Jim Patterson
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Thursday, 01 March 2007 |
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Morning comments:
It has been a crazy open, but it was due to pent up selling
from overnight trading. Our market should stabilize. In short,
today amounts to the expected retest and it should prove to be
successful. Once the buyers come in and gain some confidence
the rebound should rapidly gain traction.
The ISM index came in very strong and that can give the market
some real confidence.
Close the SDS Position now. We may put it back on in a few
days, but for now this move lower should be for the most part,
complete.
Once again, this mornings low satisfies the wave 5 lower low
that is needed. Look for a rebound for a couple of days.
Seeing the Dow regain 12,250 should clear the way for a full recovery
Jim Patterson
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