Daily US Market Comments 10 Aug 2006 by MastersoEquity.com
FUNDAMENTALS
Looks like fundamentals gave all investors a serious let down this time round. Market failed to rally on the rate pause and when at last things look like its moving right yesterday, markets gave way into another day of loss. Oil prices a zipping up along with more and more data suggesting that future rate hikes are possible cast a bearish sentiment over the markets.
TECHNICALS
Markets have made their decision at last, and that is, to continue into their respective price channels. NASDAQ looks good to correction down its downtrend price channel into new lows while the Dow looks good to challenge the July lows. All in all, we see the markets easing down from their overbought positions in normal oscillatory fashion. Contrary to our earlier speculations, this market is still more technically driven.
Looks like fundamentals gave all investors a serious let down this time round. Market failed to rally on the rate pause and when at last things look like its moving right yesterday, markets gave way into another day of loss. Oil prices a zipping up along with more and more data suggesting that future rate hikes are possible cast a bearish sentiment over the markets.
TECHNICALS
Markets have made their decision at last, and that is, to continue into their respective price channels. NASDAQ looks good to correction down its downtrend price channel into new lows while the Dow looks good to challenge the July lows. All in all, we see the markets easing down from their overbought positions in normal oscillatory fashion. Contrary to our earlier speculations, this market is still more technically driven.
posted by Jason Ng at 3:58 PM
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