The markets are fast approaching the critical support levels I mentioned on Wednesday. Let痴 see if the major indexes can hold at these levels.
S&P 1240-1250 (Currently @ 1270 down 14 points)
DJIA 10,700-10,750 (Currently @ 10,754 down 126 points)
NASDAQ 2200 (Currently @ 2267 down 24 points)
One event that could trigger a reversal is energy prices. The March 06 contract for crude is trading at $68.20 +$1.01.
Its amazing that events in Iran could trigger such a dramatic rise in the price of crude. The U.S. "big boys" can jabber and moan all they want, but I don't think they want to go up against the SCO (read January 19th post "Barking up the Wrong Tree") when its comes to Iran.
Its amazing that some believe that they really have control over their own lives and destiny痴, when in reality we are constantly being pick pocketed, and controlled by the "big boys" that set prices in the commodities market and Wall Street.
Even our government is corrupt. Have you read about this Jack Abramoff guy that has been buying up politicians on Capitol Hill? His picture is in the January 16th issue of Business Week. Tell me this guy doesn't resemble Benjamin "Buggsy" Segal.
