March 14th 2007
Cheering on the Bears Part II
Well, I think the second down leg of this market correction is over. Today’s action(hammer) would dictate that there will be some kind of retracement. I still think the market has more room to drop, but it will need to break and stay below 12000. Which today it was not able to do.
If we do get a third leg down, then I would expect to see a protracted retracement back up with possibly a change in trend. Unfortunately I don’t have any trades this week as I am still cleaning out from last week’s frozen pipe fiasco.
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