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So much for the UN Weapon Inspector's report shedding any new light on the Iraqi situation. In the mother of all shockers, Mr. Blix said that Iraq isn't fully cooperating but give the inspectors more time. The market is getting hit because the last resolution was supposed to be the last resolution.

Anyway, the market is responding to the report based upon the assumption that it really didn't offer any new insight into how Iraq is following a policy of disarmament. That creates confusion about what the next step in the process may be. Confusion with very few buyers equals more pressure.

As I attempted to outline this morning, there is no discernable edge to this environment. There is limited "pressing" on both sides suggesting a whippy market. It seems everyone is waiting for the next big news item "to see if" they are right vs. "prove that" they are right. In other words, very few have the courage of their conviction right now, which translates into no discernable edge.

Given the totally uncertain geo-political, fundamental and technical backdrop, this seems like a time where one shouldn't guess or press. Whether you look at market indices, banks, semi's or tulips, the charts have broken near-term support and as a result one should be skeptical of any bounces that may emerge.
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