2.08.08
It was a really bad market this week after being so friendly the previous week. But what is happening here is a re-testing of the previous lows. At least that is what it could be. If it breaks thru the old lows, it may be the start of another leg down. If it bounces off the old lows, that could signal the start of a new upward leg. All in all, it is at a very fragile inflection point. The outstanding thing that we saw at weeks end was two-fold. The way that those big triple digit plunges seem to slow down as the market indices approach their January lows and then turn up to close a little above the old lows. And secondly, the NASDAQ closed up both Thursday and Friday. Next week is an options expirations week, and after this weeks action, could be set up for a good old fashion bring ‘em back to life type of action.
Either way it will be an interesting week ahead.
Till next time
The MTA Staff
