Daily US Market Comments 27 July 2006 by MastersoEquity.com
FUNDAMENTALS
Markets collaspe during the last hour in what looked like the third day of rise. With the positive bias earnings reports and further indications of a slow down in the US economy, the markets look good to continue its rally through the Fed announcement next week but for some reasons, it failed to hold up in the end.
TECHNICALS
We saw a sideways market yesterday with both the Dow and NASDAQ making new highs against the day before. Breadth reading is neutral and both indexes are near or at short term resistance levels. If there are no break outs today, we may see the markets going sideways for a while.
Markets collaspe during the last hour in what looked like the third day of rise. With the positive bias earnings reports and further indications of a slow down in the US economy, the markets look good to continue its rally through the Fed announcement next week but for some reasons, it failed to hold up in the end.
TECHNICALS
We saw a sideways market yesterday with both the Dow and NASDAQ making new highs against the day before. Breadth reading is neutral and both indexes are near or at short term resistance levels. If there are no break outs today, we may see the markets going sideways for a while.
posted by Jason Ng at 7:19 PM
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