Buffet say recession word

3/3/08

The great investor in the world Warren Buffet said US economy is already in recession today. More and more people can feel the economy is getting worse recently and I pointed that month ago that stock market index made bearish move(keep rolling down monthly). Today, Nasdaq made another lows of the year. Dow transportation index hit the good support index 8900 (Dow 12175) to end the last few days selloff. Watch Dow 12365(+/-25 pts) as next resistance tomorrow. The most important economic data would be the non-farm payroll this friday and if it falls out of expectation, market probably start another round of selloff. Although estimate predict number would be on + 30k but I find a more reliable resource that the number would be around -77k. But I still stand my view that the Dow must need test the Jan lows(11650).