The markets are fast approaching the critical support levels I mentioned on Wednesday. Let’s see if the major indexes can hold at these levels.

S&P 1240-1250 (Currently @ 1270 down 14 points)
DJIA 10,700-10,750 (Currently @ 10,754 down 126 points)
NASDAQ 2200 (Currently @ 2267 down 24 points)

One event that could trigger a reversal is energy prices. The March 06 contract for crude is trading at $68.20 +$1.01.

Its amazing that events in Iran could trigger such a dramatic rise in the price of crude. The U.S. "big boys" can jabber and moan all they want, but I don't think they want to go up against the SCO (read January 19th post "Barking up the Wrong Tree") when its comes to Iran.