3/2 wrap up

Rejected again : A sloppy/weaker start to the day turned positive as traders took heart in Greenspan comments. However, the major averages once faltered after testing resistances with the current bias slightly negative. The Dow stalled after testing its Dec high of 10868.10 (hit 10869.83), the S&P 500 fell shy of its Jan high of 1217.90 (hit 1215.79) while the Nasdaq Comp rotated lower after approaching its 50 day sma at 2086 (high 2084.15). The weakest sectors today include: Airline -2.6%, Housing -1.1%, Insurance -1.1%, Semi -0.9%, Tobacco -0.9%, Chemical -0.6%, REITs -0.6%. Topping the gainers list are Gold +1.1%, Disk Drive +1.1%, Broker/Dealer +0.6% and energy (Oil Service +0.9%, Natural Gas +0.7%, Oil +0.5%) which staged an afternoon rally as crude oil topped the Jan high April contract high of $53.00 (closed at $53.05).