Stock Market Analysis

Wednesday, May 10, 2006

Daily Market Comments 11 May 06 by

Not surprisingly, the Feds did raise interest rates to a new 5 years high to 5%. What's surprising is that the markets took it pretty well with DJIA closing marginally higher by 0.2% and NASDAQ coming down by 0.75%.

Technically, we see a neutral day for DJIA maintaining status quo and NASDAQ surprisingly retreated from the 2340 mark. Could this be a start of a downwards channel or a tighter 2300 - 2340 channel for NASDAQ? Let's see what answers will be revealed over the next few days.

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