Daily US Market Comments 02 August 2006 by MastersoEquity.com
FUNDAMENTALS
Markets fell yesterday with the possibility of a rate hike at 50% chance due to increased retail spending. On top of that, oil have staged a small rebound as heat wave in New York increased energy demand.
TECHNICALS
Looks like this market is largely technical driven afterall as all indices failed at their respective resistance levels. NASDAQ continued its gameplan of a downward channel and we may see a new low coming up as the Dow continued down into its sideways channel. The only thing that may rescue this situation may be a committment to a rate pause by the feds.
Markets fell yesterday with the possibility of a rate hike at 50% chance due to increased retail spending. On top of that, oil have staged a small rebound as heat wave in New York increased energy demand.
TECHNICALS
Looks like this market is largely technical driven afterall as all indices failed at their respective resistance levels. NASDAQ continued its gameplan of a downward channel and we may see a new low coming up as the Dow continued down into its sideways channel. The only thing that may rescue this situation may be a committment to a rate pause by the feds.
posted by Jason Ng at 8:09 PM
<< Home