Posted on 02/27/2009 1:15:06 PM PST by 6SJ7
Dow Jones Industrial Average headed to worst February point drop in history
NEW YORK (MarketWatch) -- As stocks on Friday meandered to another month of losses, investors were especially focused on the S&P 500 Index and whether the broad market gauge would close above or below its November lows, with a finish above 740 to 750 seen as a victory of sorts.
"Only on a two-day close below 740 will I run for the hills. A close over 740 today would be considered a successful test of the November 2008 low," said Elliot Spar, market strategist at Stifel Nicolaus.
The S&P closed at 752.44 on Nov. 20, though the benchmark on Monday undercut that prior bear-market low.
"Hopefully we can get back to 800 on the S&P, but first we have to get past resistance at 752. If we can close above that one resistance level I think it would be a mild positive," said Robert Pavlik, chief market strategist at Banyan Partners LLC.
(Excerpt) Read more at marketwatch.com ...
You are correct. When do we do something?
I honestly wish I knew. Still thinking about it.
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