Daily Commentary for Friday, March 2, 2007

Thursday ended with red across the market, but the close was near the highs and a nice recovery off early weakness. Volume concerns over China and JapanÃ¢â‚¬â„¢s monetary policy gave the market its pre market drop and we spent the day recovering from that. Sun Trust (STI) also gave the financial world a jolt with possibility of a large loan defaulting which hit their bottom line this quarter and should be resolved with less of a loss but still sent a reminder of how fragile financials can be. With the subprime lenders in the spotlight for the past two weeks weÃ¢â‚¬â„¢ve seen plenty of worry there.

Gold closed down $7.40 to close at $665.10 on the day. Still seeing gold step lower each day with no upside pressure despite geopolitical worries. Oil up 21 cents to close at $62.00 on the day. Still volatile for big intra day ranges, low at $60.30 and high of $62.40. Now climbing higher with mid 60Ã¢â‚¬â„¢s being talked about as next weeks pressure on the consumer.

Friday closes out a very volatile and different week in many ways probably the most unusual weÃ¢â‚¬â„¢ll see for the year. So IÃ¢â‚¬â„¢m glad we were along for the ride! Friday I think we could see a much quieter and narrow range day. But there are a few possible sparks coming our way off Michigan Sentiment and Chairman Bernanke speaks. Unless an overseas market decides to stun gun us again, I think our morning should start strong and give us some lift on the day. But I do think weÃ¢â‚¬â„¢ll find range and stay there once we have an early move. Our volume has been incredible, so look for that to start to drop off as well. It is Friday and we are into March now, no reason for the market to get in a hurry to do a lot.

Economic data for the Week of February 26-March 2, 2007 Friday 07:00 Fed Bank President Poole speaks, 10:00 Mich Sentiment Rev., 11:00 Fed Chairman Bernanke speaks.

Some earnings for the week: Friday nothing of interest.

INDU (Dow) closed Ã¢â‚¬â€œ34.29 at 12234.34. Support: 12220.40, 12189.40, 12145.20, 11980.80. Resistance: 12352.20, 12392.80, 12434.50, 12539.19 50dma, 12633.80.