Mid-Session Market Comment 03-14-2014

After 6 hours of meeting with Russian foreign minister Lavrov, Secretary of State Kerry said:" Russia is not ready for any decision before result of Crimea referendum is in . The United States and the international community will not accept the results of the referendum in Crimea. If Russia does not change direction, there will be costs." Failed compromise means things are setting up for a show down between western nations and Russia next week after the Crimea referendum. It is not likely to be good for the stock market. US stocks are up slightly now but will likely give way to weakness later as investors sell stocks ahead of the weekend. Technically, the Dow has formed Double Top pattern and is below 50 day moving average 16149 and downside will likely continue. Dow's immediate support is 1600 but probably not able to hold and will likely go down to challenge its 200 day moving average at 15620 next week.