THE BULL & BEAR

[spencer_has_arrived]

Market View: Stock indices edge slightly higher of early lows but... -Update- -Technical-

The market indices are still holding on to a negative bias but have edged off the early lows. A downgrade and talk of further write-downs for C -3.1%, a warning from LOW -4.1% and concerns about global growth (Chinese reportedly considering freezing lending through year end) have weighed on the market to start. The rebound attempt (more aggressive for the Nasdaq 100/Comp, small-cap Russell 2000 lagging) will need to sustain a penetration of 2640 Nasdaq Comp and the 2050 to 2057 zone for the Nasdaq 100 (Thur/Friday highs and congest) in order to improve the short term bias to favorable. Failure leaves these indices vulnerable to further pressure short term.