Daily Market Comments 1 June 06

The markets rebounced yesterday into a moderate up day. DJIA was up 0.67% and NASDAQ was up similarly by 0.65%. This advance have been broadbased with DJIA but marginal with NASDAQ. There are no significant events explaining this small rebound except for the fact that oil continue to stay low and trade lower.

Technically, we see that the drop on Tuesday have eliminated the optimism and certainty of a rally. The markets have been up moderately yesteraday but has yet to regain lost grounds. These 2 days will be critical for the market to tell us where exactly is it going.