9 MAR 2010, Tuesday

1. Today is one-year the anniversary of the S&P 500 recovery following its ominous 666 intraday low on March 9th 2009. What comes next? Will the market turn resistance into support and rally higher? Take a breather? Or consolidate sideways? Only time will tell. But the proximity of these trend lines makes for some technical excitement.
2. Below...speaking of birthdays...The other big date is the anniversary of the Dot.com, telecom and tech bubble. That peaked on 10 MAR 2000 at 5,132.52. Nasdaq bottomed 31 months later at 1,108.49 on 10 OCT 2002...it had lost 78% of its 2000 peak value.  The 1929 Dow comparison is pretty interesting...well, to me anyway.  We're approaching Point 5?  I tend to think that eventually the actual fundamentals of our current disfunctional finance system / economy will catch up to us...you can only "delay and pray" for so long...the timing of the "when we rollover" is always the difficult question without tomorrow's Wall Street Journal on hand.
3. Regarding today's SP500...price recently upward (still overbought)...wrestling with the JAN high area...anticipate some chop in this area while the bull bear struggle gets decided.