The bears got this close to claiming technical victory last week but as usual could not accomplish much of anything. They are fighting various elements that include the Fed's renewed vigilance. Of course it is said that the Fed has little impact on the crucial matter of sub-prime loans, but try telling that to traders who are short. Like villagers carrying torches, big brokerage houses have stormed the Federal Reserve to seek relief in anyway possible in order to give their positions some type of edge. The irony of which is pointed out in Stein's article about Goldman.
Look for the bears to continue to seek turning points while trying to avoid the DJI close over 13982 and a SPX close over 1553.
