Hmmm... speculation in some quarters would have us believe we are near the bottom of the Bear Market.
I am not convinced.
Some are convinced we are seeing the tell-tale signs of capitulation in the Market, others cite cases interpreted as panic selling.
Whether any of these are right or not ... one thing is true.
Investors are leaving the Market in droves ...
Thru the latter part of 2002 and into this year we see the Market tracking as consolidation within the 3065-2965 ... a 100 point range.
Traders saw this 2965 support level as a positive and a speedy resolution of the Iraq geo-political situation would at least allow the Market to get back to biz ... not to be.
Increased speculation of a war with Iraq has seen the nerves of investors give out ...
The chart shows a circled area which feature some nasty oscillations which some might interpret as panic selling ... it these continue to mirror moves on Wall St then expect these to continue ... again some will begin to see consolidation and new support levels.
The Market is jumping at shadows ...
Some might even begin to speculate again the bottom of the Bear ...
I am not so convinced ... the US has too many economic problems for me to think that war/no will drive the Market for long.
