Market Comment: Happy Winter

It's winter in New York with a wind chill of -5F. The best news is that the days (amount of daylight) start getting longer which is enough reason to start feeling good.

Last Friday, I was technically correct in thinking the market would end down. However, the internals (A/D and volume) were positive. The averages are below their 50MA but in the climb from their lows of 11/20, lower lows have not been made. This is good. A lower low would be a close below 851 for the S&P (I like to use the intra-day lows - it's a more decisive statement) and 8347 for the Dow.