Not a Pretty Picture

02/18/2009 9:39 am EST


Thomas Aspray

, Professional Trader & Analyst


Tuesday's decline generated a new closing low for the Dow Transports, completing a triangle formation which has downside targets in the 2000-2200 area. The Dow Industrials closed just above the November closing lows, and if stocks do not rally sharply over the next few days, another leg to the downside is likely.