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(March 14, 2002) STOCK INDICES: Weak retail sales numbers and worries over tech sector profits stalled out the market, with bears becoming a bit more aggressive as the chart eroded. Alan Greenspan further dampened attitudes when he said that he sees the U.S. economy on the mend, but only sees a gradual recovery. The charts are becoming more negative.

Worries of another Enron accounting nightmare have not yet disappeared. For now, I'm just a bit uneasy too. I suspect we are headed higher, but also see the prospect of a selloff as becoming likely. Momentum seems to have evaporated. I suspect that for the time being, those who wanted to buy have bought. For this market to go somewhere, we need buying on rallies, not just on dips.

M. Steven Morgan

www.commodityreview.com

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