Daily Market Comments 12 July 2006 by MastersoEquity.com
Fundamentals
The markets were up slightly yesterday with the Dow rising 0.28% and NASDAQ rising 0.56%. The markets were down the bulk of the day on rising oil prices and heavy profit taking. A late rally started after heavy accumulation began in the semi conductor sector. There is little to suggest an upbeat 2nd quarter earnings season so far as companies such as a slew of profit warnings were released over the last 2 days.
Technicals
NASDAQ continue to form a lower low and a lower high suggesting a bearish sentiment in the day's market action as the Dow continues to trade sideways. With NASDAQ quickly reaching a short term oversold position, it is not strange to see it take a slight breather at this point. Again, we should be seeing NASDAQ test its 2100 support level soon and that will be critical eventually to where the entire market will head knowing that all indexes eventually follow the direction of the leader.
The markets were up slightly yesterday with the Dow rising 0.28% and NASDAQ rising 0.56%. The markets were down the bulk of the day on rising oil prices and heavy profit taking. A late rally started after heavy accumulation began in the semi conductor sector. There is little to suggest an upbeat 2nd quarter earnings season so far as companies such as a slew of profit warnings were released over the last 2 days.
Technicals
NASDAQ continue to form a lower low and a lower high suggesting a bearish sentiment in the day's market action as the Dow continues to trade sideways. With NASDAQ quickly reaching a short term oversold position, it is not strange to see it take a slight breather at this point. Again, we should be seeing NASDAQ test its 2100 support level soon and that will be critical eventually to where the entire market will head knowing that all indexes eventually follow the direction of the leader.
posted by Jason Ng at 9:34 PM
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