On Thursday, the major indexes fell for the 3rd time in the past 4 sessions as market players digested the prospect of a longer drawn-out war with Iraq. Many sectors were directionless, but able to overcome earlier losses, led by Defense and Biotech shares. Chip and Banking stocks finished slightly red. The NASDAQ Composite remains pinned in a trading range between Monday’s gap crossing at 1,403 and Monday’s low at 1,368. A break of either of these levels is needed to clear up the index’s near-term direction. The June S&P 500 contract broke down to a new intraday low for the week, but was able to make up some lost ground, and continues to consolidate just above the 38% Fib retracement level of this month’s rally at 854.50

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