Market Comment 03/18/07

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TradeStalker's
R.B.I. Trader's Update
3/18/2007
(Published Since 1996)
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Dateline: 6:05 pm Eastern time, 3/18/2007

The market rallied early on Friday, but after an hour of upside the momentum was lost and the market reversed to the down side. After the early sell off, the market made a feeble attempt to come back, but it also failed. The market bottomed in the last 90 minutes of trading, and then climbed grudgingly into the close.

The market still is acting vulnerable and it won't be a surprise to see the market get hit one more time. It will be a surprise if it *doesn't* happen. Although most of the internal indicators showed bullish divergences at the Thursday low, the rally hasn't done much to get them into bullish mode.

The Friday action was less than impressive, however the day did end with uptrends. On Monday look for early strength to be sold, and then the first decent pullback could be a buying opportunity if momentum slows and then there is a reversal pattern.

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