Stock Market Analysis

Wednesday, April 26, 2006

Daily Market Comments 26 Apr 06 by

A Down day in the markets despite retreating oil prices and better than expected economic data. DJIA was down 0.47% and NASDAQ was down marginally by 0.13%. There is really no clear fundamental reason behind the drop yesterday except that inflationary fears are once again dominant with the favourable economic data. That being said, doesn't unfavourable economic data put a negative impact on the markets too? The markets might be more technical driven of late than fundamentally driven.

Technically, we see DJIA continuing its game plan of correcting down towards its 30MA hopefully for another rebound like we mentioned yesterday. NASDAQ continued into a neutral day around its 30MA support level too. There were no surprises to their behaviour and the next few days should see the markets to upside as both DJIA and NASDAQ rebounds off its 30MA.

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