Daily US Market Comments 04 Aug 2006 by MastersoEquity.com
FUNDAMENTALS
Sure has been some pretty crazy market conditions lately. The markets opened in the red and then marched progressively into the green through the day led by the Dow. There have been a huge mix of data, earnings and news that pushed or pulled the market in their respective directions. The end result of that whole day of mess is a net gain in the market ahead of the employment data that is to come today. Employment data is at best a lagging indicator and may not have such a big impact on the possibility of another .25 basis point next Tuesday. Yesterday's gain has been marginal without any leadership and with advancers leading decliners on a small margin. Looks like the markets will take a definite tone only after next week's Fed Release.
TECHNICALS
Markets continue to struggle at their respective resistance levels without at sign of a definite direction. Looks like there is a fairly equal play of fundamentals and technicals at this point and that the Fed release should be the main catalyst for the new trend.
Sure has been some pretty crazy market conditions lately. The markets opened in the red and then marched progressively into the green through the day led by the Dow. There have been a huge mix of data, earnings and news that pushed or pulled the market in their respective directions. The end result of that whole day of mess is a net gain in the market ahead of the employment data that is to come today. Employment data is at best a lagging indicator and may not have such a big impact on the possibility of another .25 basis point next Tuesday. Yesterday's gain has been marginal without any leadership and with advancers leading decliners on a small margin. Looks like the markets will take a definite tone only after next week's Fed Release.
TECHNICALS
Markets continue to struggle at their respective resistance levels without at sign of a definite direction. Looks like there is a fairly equal play of fundamentals and technicals at this point and that the Fed release should be the main catalyst for the new trend.
posted by Jason Ng at 8:17 PM
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