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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