Stock Market Analysis

Sunday, May 14, 2006

Daily Market Comments 15 May 06 by

Weakness continued in the markets last Friday with DJIA down 1.04% and NASDAQ down 1.27%. That was a broad based continuation of the drop that started on Thursday. The drop in oil prices failed to make an impact on the markets as interest rate hike fears reach a climax.

Technically, we see DJIA following the old "basket ball" game plan of bouncing off its 30MA before making new highs. This time round, it still seem like that game plan is very much intact. NASDAQ broke its channel behaviour completely and is now a wild bear on the run. It has reached its March lows and there is no telling if it will go further down unless it finds a support level quickly within these 2 days.

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