Daily US Market Comments 18 July 2006 by MastersoEquity.com
FUNDAMENTALS
Oil prices took a breather at last. This has given some relief to an extremely tight strung market. The DOW ended up 0.07% and NASDAQ ended up 0.02%. The question now is whether or not oil prices will stay down with Isreal declaring full scale war on two fronts. Sentiments remain bearish in the markets as indexes are mixed for the most part of the day.
TECHNICALS
It is definitely not strange to see a slight rebound today even if oil wasn't the factor. Such an accumulation usually set pace for more downside rather than a sign of a reversal. The markets are not grossly oversold yet and could set up more downside to come.
Oil prices took a breather at last. This has given some relief to an extremely tight strung market. The DOW ended up 0.07% and NASDAQ ended up 0.02%. The question now is whether or not oil prices will stay down with Isreal declaring full scale war on two fronts. Sentiments remain bearish in the markets as indexes are mixed for the most part of the day.
TECHNICALS
It is definitely not strange to see a slight rebound today even if oil wasn't the factor. Such an accumulation usually set pace for more downside rather than a sign of a reversal. The markets are not grossly oversold yet and could set up more downside to come.
posted by Jason Ng at 7:17 PM
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