Market Analysis for Feb 14th, 2005
Very quiet action, right? Perhaps we should invoke the old
adage, "never short a quiet market!" In any case, the pullback in the E-mini March S&P
off of Friday's high continues, but in a very orderly, unenthusiastic
way, which suggests to me that the index is working off its prior
micro overbought condition slowly but surely-- prior to embarking
on another thrust to new highs-- into our 1214-1215 next target
zone. Barring a pop about 1208, my work still argues for more
grind to the downside into the 1203 area prior to the expectation
pivot reversal that resumes the upleg off of last week's lows at
1191.75. Once again, we will look to add to our position under
1204 in the upcoming hour(s).
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