Stock Market Analysis

Monday, April 03, 2006

Daily Market Comments 4 Apr 06 by

An enthusiastic rally in the markets yesterday ended waned.

NASDAQ hit a high of 2,357.53 and DJIA hit a high of 11,247.87 yesterday morning. This little rally, if sustained to the end of the day, could set the pace for a DJIA rally and could help NASDAQ break out of its price channel. By the end of the trading day, the enthusiasm have died and markets ended mixed maintaining its status quo.

The sell off is largely due to profit taking as indexes hit multi year highs intraday and a lack of followup participation from the bull camp.

In my humble opinion, we should be seeing a definite pace setting move within these few days which will determine where the market will go to.

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