Monday, February 26, 2007

Dow Jones Industrials Approaching Support



The Dow was down for a fourth day in a row which makes me inclined to look for longs not shorts. You can see in the above chart the magnitude of all the significant pullbacks over the last few months. Most pullbacks were about 200 points on average.

Today I was looking to buy the dow around 12,600 which would be a 200 point pullback but the market missed that level buy a few ticks. Maybe tomorrow we will test that area. I see support at 12550 to 12600.

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