Stock Update - 2/28/10

The Dow has come down into Thursday to form what appears to be the right shoulder of a head and shoulders bottom. That is the outlook that was described in the last stock blog update on 2/19. Last weeks high needs to be taken out first to confirm the low is in.

The low on 2/25 was on the day a 3.75 month cycle was due and which will probably take the market to and beyond the January high as also indicated in the 2/19 post. There are some cycle issues that may bring some sideways price movement into mid-March after this initial advance off the low. The initial advance probably will not take out the January Dow high.