Mid-Session Market Comment 03-04-2014

Major U.S. market indexes soared at the open this morning, and then continue to rise, they are now all up more than 1.4%. Russian President Vladimir Putin says there's no intention of annexing Crimea and called back exercise troops to their bases. These actions have reduced military tensions in Ukraine but the situation remain to be resolved. Technically, the S & P 500 hit a record high today and reached to the vicinity of 1872. U.S. stocks react somewhat overly optimistic today. Before the situation in Ukraine is resolved and the influential employment data to be released on Friday , investors need to remain cautious. Now the focus is whether the Dow can also make new high following S&P 500. Based on today's momentum, this may as well happen before stopping.  Dow support is 16159,  and resistances are 16400 then historically high 16,588.