Daily US Market Comments 24 July 2006 by MastersoEquity.com
FUNDAMENTALS
The US markets continue to drop further last Friday on rising oil prices and mixed earnings. The Bernanke Bounce seems to have completely lost momentum and have given in to down side. What the market really needs now is for the middle east crisis to settle down and the Feds to not raise interest rates this coming meeting.
TECHNICALS
Both the Dow and Nasdaq looks decisively weak last Friday with the correction continuing into the second day. NASDAQ has taken a more severe hit as the 2040 support level was broken on high volume. The 2040 / 2050 level have proven critical and strong as it held the index up last July and October. NASDAQ should see another support at 2000 where it must prove itself or take a journey to the center of the earth...
The US markets continue to drop further last Friday on rising oil prices and mixed earnings. The Bernanke Bounce seems to have completely lost momentum and have given in to down side. What the market really needs now is for the middle east crisis to settle down and the Feds to not raise interest rates this coming meeting.
TECHNICALS
Both the Dow and Nasdaq looks decisively weak last Friday with the correction continuing into the second day. NASDAQ has taken a more severe hit as the 2040 support level was broken on high volume. The 2040 / 2050 level have proven critical and strong as it held the index up last July and October. NASDAQ should see another support at 2000 where it must prove itself or take a journey to the center of the earth...
posted by Jason Ng at 12:05 AM
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