Market Analysis for Feb 6th, 2003

Well, what should we say about today's trading? To us, the most salient feature of today's action is the inability of the stock indices to hold any of their attempted minor rally efforts. Every time they approach important resistance, the indices appear to hit a wall of selling pressure that pushes prices back into the middle of the days trading range. If this type of action keeps up during the final hour of trading, we would not be surprised to see liquidation overwhelm the indices during the last few minutes of trading- ahead of tomorrow morning's release of the January Unemployment data... which The Street expects to show addition to payrolls of about 60,000 workers (compared with a loss of 101,000O)....