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Daily Outlook #1691 February 9, 2007
Friday Pre-Lunch Comments
Quick Late Friday Morning comment:
The NASD and NDX have done enough upside work to turn their
3-day trends up, but for the rest of the day they have to hold
Thursday's lows, 2477.71 and 1800.63. And, it looks like those
levels will be broken later today.
The Dow stalled just above 12,670 and slide lower. While it
popped up from 12,645 back to 12,670 from 11:00 to 11:25 AM,
the total breadth line continued lower. If total breadth does
not improve soon a negative condition, which is often difficult
to overcome, will be established.
The S&P 500 is flirting with an uptrend line and a break of
1447 should signal lower prices to come. On the Dow a similar
line runs through about 12,650 so a move to new lows for the
day will constitute a potentially important break. On the flip
side, these are the price points the trend runners should be
looking to buy over the balance of the day. Unless or until til
it breaks.....
At this point we have a flat market after a positive open. The
internals have weakened more than the indices reflect and while
the indices have stabilized, we have seen some additional
internal deterioration.
In short, falling below the morning lows should set a negative
tone for the balance of the day.
The weekend report will go out on Sunday Morning
Jim Patterson
Copyright ©2007 Tactical Trading Outlook, LLC. All rights reserved.
Risk Disclosure
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