Daily US Market Comments 21 July 2006 by MastersoEquity.com
FUNDAMENTALS
Another surprising day yesterday. NASDAQ obliterated its gain of 2 days ago with a 1.98% drop and the Dow edged down 0.76%. This drop was following some really bad earnings report from giants such as Microsoft even as oil prices continue to fall. It does seem like the market is going to experience a great deal of day to day volatility due to a very mixed earnings season. Let's brace for the ride.
TECHNICALS
It was a bad day in the markets but was it bad enough to completely reverse the effects of the Bernanke Bounce? Looking at the price action, we see that NASDAQ was pretty hard hit but managed to stay above the low of the Bernanke Bounce, preserving some bullish integrity. The Dow edged down slightly but held way up the Bernanke Bounce too. There seems to be some bullish under current left in yesterday's price action and the markets must prove its strength in today's trading before any further upside can be confirmed.
Another surprising day yesterday. NASDAQ obliterated its gain of 2 days ago with a 1.98% drop and the Dow edged down 0.76%. This drop was following some really bad earnings report from giants such as Microsoft even as oil prices continue to fall. It does seem like the market is going to experience a great deal of day to day volatility due to a very mixed earnings season. Let's brace for the ride.
TECHNICALS
It was a bad day in the markets but was it bad enough to completely reverse the effects of the Bernanke Bounce? Looking at the price action, we see that NASDAQ was pretty hard hit but managed to stay above the low of the Bernanke Bounce, preserving some bullish integrity. The Dow edged down slightly but held way up the Bernanke Bounce too. There seems to be some bullish under current left in yesterday's price action and the markets must prove its strength in today's trading before any further upside can be confirmed.
posted by Jason Ng at 8:23 PM
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