Stock Market Analysis

Thursday, June 15, 2006

Daily Market Comments 16 June 06 by

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.

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