Stock Market Analysis

Tuesday, May 09, 2006

Daily Market Comments 10 May 06 by

A mixed market yesterday with a hint of bullishness during the last hour. DJIA closed up 0.48% and NASDAQ was down marginally by 0.29%. It does seem like investors are optimistic about what the Feds are going to do and displayed that confidence in pushing DJIA into a fresh 6 years high. This is despite a rebound in oil prices, as we have predicted yesterday, putting USO up 0.77% to close at $68.40.

Technically, we see DJIA continuing its bullish run with strength making higher high and higher lows. This is a great sign for the bullishness to continue but it will not be strange should it decide to correct down to it 30MA again before dashing for new highs. We see NASDAQ continuing to linger around the 2340 point. It is indeed a critical point for NASDAQ as it can go either way from here... up to the top of its current 2,380 - 2,300 channel or go back down to the 2,300 line. To some extend, I think the market today will be more fundamentally driven due to the Fed releases than technically driven.

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