Mid-Session Market Comment 03-06-2014

Major U.S. market indexes  rose this morning, they are now posting moderate increases. Crimean parliament voted to join Russia raised tension again on Ukraine situation and raised investors caution. Fed's Beige Book report showed winter snow affected the entire U.S. economy, but the economic expansion continues is a positive for the market. Technically, after S & P 500 making record highs in the past few days, it is likely the Dow may follow and reach new high in the near term. The Dow is only about 150 points from a new high. However, the unsettling situation in Ukraine and Friday's influential employment data release are putting a cap on the market. In addition, the stock market keep racing forward before the employment report is not favorable for the market because it increases the chance of sell off on the news. Investors should remain cautiously optimistic. Dow support is 16167 and resistance is historical high of 16,588.