Daily Market Comments 16 June 06 by MastersoEquity.com
Well well well, what have we been saying about a lack of a buying frenzy in yesterday's daily comments? :)
What we saw today was extremely encouraging. With DJIA rallying 1.83% and NASDAQ 2.79% and advancers leading decliners by 78% : 3%! This is truly the buying frenzy that should set the pace for a sustained rally. This could truly be the rebound that the world have been waiting for.
Not to be a wet blanket but lets look back in time to 1 June 06 when we see a similar, abeit less intense, move leading to nothing but another landslide. Would this lead to another landslide?
Both indexes have reached a resistance level established by the last support level of 11,100 and 2,160. Chances are good if these levels can be broken decisively by today.
What we saw today was extremely encouraging. With DJIA rallying 1.83% and NASDAQ 2.79% and advancers leading decliners by 78% : 3%! This is truly the buying frenzy that should set the pace for a sustained rally. This could truly be the rebound that the world have been waiting for.
Not to be a wet blanket but lets look back in time to 1 June 06 when we see a similar, abeit less intense, move leading to nothing but another landslide. Would this lead to another landslide?
Both indexes have reached a resistance level established by the last support level of 11,100 and 2,160. Chances are good if these levels can be broken decisively by today.
posted by Jason Ng at 7:36 PM
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