Daily Market Comments 28 Apr 06 by MastersoEquity.com

Oil continue to correct with USO closing down $0.84 to $68.70 yesterday. This, coupled with the great economic data and earnings releases, gave a boost to the market with DJIA closing up 0.25% and NASDAQ closing up 0.49%. (I don't refer to the DJIA as "DOW" because "DOW" is a ticker for DOW Chemical Company) Looking at the rally in detail however shows that breath have been much less than ideal. All in all, the surge yesterday have been the result of the move of a smaller than ideal number of stocks. This creates doubt as to the sustainability of this surge tomorrow.
China's rising interest rates to curb inflations does help boost things a little for the US economy in the long run.

Technically, we see much more sense in the markets. NASDAQ continued the game plan we gave it last week bouncing off its 30MA nicely and DJIA continues to move sideways within a tight 11,400 and 11,300 channel. Overall, we are still in a neutral market.


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