The Weekly Report For March 2nd - March 6th, 2009

March 1, 2009- Market Summary
Wide-spreading economic concerns continued to plague the stock market as investors sent the S&P 500 and Dow Jones Industiral Average to new 12- and 11-year lows respectively. Friday's release of a 6.2% drop in fourth quarter GDP is the sharpest decline since 1982, which caught many economists by surprise. The sharp drop in GDP is a clear indication of the issues facing the economy and many traders are now trying to determine if the various bailout packagaes will be the catalyst needed to reverse the strong downtrend. As you can see on the charts of the major indexes, the S&P and the Dow closed the week below their respective November lows, which will be used by proponents of Dow theory to suggest that this is the start of another wave lower. For further reading, see Dow Theory.

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