“Economic data finally starting to support a market that has rallied significantly off the lows. However since the market discounts and rallied while economic data was poor (but seemingly couldn’t get any worse) – we have to wonder aloud now with economic data seemingly more rosy everyday will the market look beyond this and now see the best is priced in? One thing is for sure, all markets whether they have more left in their tank inevitably correct some excesses and based on key psychological resistance points just above us (2,000 on NASDAQ and 10,000 on the Dow) and deteriorating sentiment, I would think a modest corrective pullback is do soon followed by a nice run back up to close out 2003.”
-Kevin Lane, Technimentals
