Market Hangs Onto Support; By A Thread

Buyers moved cautiously into the market late in the day yesterday. This may mean we are in for a minor bounce or a few days of stabilization. January's lows beckon though and the weakest link, the NASDAQ, is expected to continue to struggle.

Any upside over the next day or two should be used to add to short positions as the path of least resistance remains lower.

Outlook:

The rally attempt failed miserably and the bottom of this market is poised to fall out. A retest of January's lows seems likely at this point.