Market Analysis for Feb 15th, 2005

All sorts of rumors flying around about a U.S. military strike against Syria, about an inadvertent erroneous LARGE Q trade... etc., etc., which triggered the swoon in the indices about an hour ago... Notice on the enclosed hourly chart that all of the pullback lows since yesterday has established a slightly higher-low... 1204, 1205.50, 1206.00, 1206.50... Unless and until that string of higher-lows is broken, the E-mini March S&P pattern remains in a (literal) uptrend. However, if 1206 is broken and sustained, then we should expect additional price deterioration below 1204 into the 1200 support area.

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