2009 has arrived and the markets are still in the same old patterns...today we may be on verge of a breakdown...if so how far will we go???
DOW chart: looks like a break down through the wedge will see 8350 first, then a test of the Nov lows at 7450....a significant break through here (3% plus) means we could get as low as 5900 see WEEKLY chart.
OR we get a FALSE BREAK of November lows, followed by a longer term INTERMEDIATE rally
anyway JURY still OUT
4th Quarter earnings season starts this week..MAY give some clue to the direction we will take.
ALSO : OIL, EURO have been weak (and in the past year have been positively correlated with the equity markets).
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