Despite the fight going on in Libya, threatening Oil supply, the market seems to be holding the 12000 level really well. I think there is reason to believe that money in the sidelines are moving into the market.
We should see a series of short covering soon when Gadaffi is finally overthrown by the revolutionaries. While Oil supply from Libya might drop significantly, oversupply from other regions will take over.
We have to watch the market closely here, any close above 12300 is a sure indication that the bull market will resume, and the DOW could hit 13000.
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