Stock Market Analysis

Monday, May 08, 2006

Daily Market Comments 9 May 06 by

A neutral day at the markets yesterday with DJIA up marginally by 0.06% and NASDAQ by 0.10%. Oil prices continue to fall for a 4th consecutive day but USO managed to hang right about its $68.00 support level, closing at $67.88. Looks like the markets are getting ready to see a possible bounce back in oil prices and the coming FOMC meeting on Wednesday. It does seem like no matter how certain an interest rate hike looks now, it will put a downward pressure on the markets. Lets hold on and see what happens.

Technically, DJIA's slow down after the rally the day before is completely expected. With the index at such high levels, it is not surprising should it go sideways again until either the bull or the bears win this tug of war. NASDAQ continued trading within its neutral sideways price channel without any surprise. Markets are expected to be pretty slow right up to the FOMC meetings and we should all sit tight, fasten our seat belts as well.

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