Market comments for March 8th, 2011

It appears as though we are approaching a very critical time for the Dow. We are within days of testing the uptrend support line and whether the market will break lower or rise. Based upon world events it doesn't appear the news is favorable for a market rise with concerns over $200/barrel oil according to a Bloomberg.com story this morning because a Day of Rage has been called now for Saudi Arabia.

As the chart below shows, we are at the edge with time running out.

As I have stated clearly here many times, we are headed down in my opinion and it is going to get very ugly for those who did not take profits yet and are hoping we climb much higher. Greed is not your friend here.