Daily Market Comments 4 May 06 by MastersoEquity.com

Markets closed neutral with DJIA down marginally by 0.14% and NASDAQ down marginally by 0.25%. There were no clear leadership in yesterday's marginal decline and Advancers / Decliners were almost equally matched. Investors sentiments are still mixed about what to think about the current market conditions... on one hand we have great economy data and the other hand, fear of rising interest rate. Well, looking back on the years of interest rate hikes, we see that the market has been on the up and up and my guess is that with the economy doing great, higher interest rates will be digested some day.

Technically, we see no change in the way both DJIA and NASDAQ are moving. DJIA ended the day with an intraday range almost identical to the day before and continued the neutral sideways movement. NASDAQ, although down is still well supported by the 2,300 support level. Today will be critical for NASDAQ. IF it does not bounce off the 2,300 level decisively, we might have ourselves a down trend on NASDAQ.




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