Dow Taking a Breather...

The Dow slumped 186 points today as profit taking set in before the Good Friday Holiday (see stock market calendar). Oh no, the bears are back? I don't think so. What I see is the market taking a healthy breather so that it can move on further up if the intermediate bull trend should hold. In fact, I did not see the full scale migration into bonds which we used to see just a couple of months ago, neither do I see a rise in the volatility index. These tells me that there is no panic in the market and reinforces my breather scenario. Yes, no healthy bull trends ever go straight up. Short term support for the Dow would be on its 50MA, where it is right now with a sub-intermediate term support on its 30MA.