Daily Market Comments 23 Apr 06 by MastersoEquity.com

The markets ended in a very unusual way last Friday. DJIA was up marginally by 0.04% and NASDAQ was down drastically by 0.83%. Even though I would think that the impact of rising oil prices are beginning to set in at last, that does not explain why DJIA hardly moved. Looking into NASDAQ, we see giants like DELL falling over 4% in a single day. This may not have a lot to do with Oil prices topping $75 a barrel afterall.

Looking back, it has been a really turbulent week all week with strong intraday price swings. DJIA followed through on its rally pretty nicely but NASDAQ fell right through and negated early gains. However, looking back technically, NASDAQ did play out its game plan of establishing a new neutral price channel so its drop last Friday was hardly surprising. What was surprising was its magnitude of move.

Next week will be a critical week to decide if the short term trend is up or down.




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