Daily US Market Comments 24 Aug 2006 by MastersoEquity.com
FUNDAMENTALS
Markets went into the deepest one day drop in over a week as the Fed comment about possible rate hikes continue to sink in yesterday. Even though it was a pretty broadbased move, the drop was not one that we would expect to see in a real all out correction. That being said, the Fed comment along with rising inventory rate does put a bearish over cast on the market.
TECHNICALS
Markets continue to correct yesterday but by the end of the day, the critical low of 16 Aug that I have been talking about all week still holds strong. Markets continue to wear off its overbought sentiments alowly and as long as the 16 Aug low holds its ground, we should see more upside to come.
EVER WONDER WHAT BOOKS PROFESSIONAL TRADERS READ?
See a list of all the books that one fund manager have read from day 1 here!
Markets went into the deepest one day drop in over a week as the Fed comment about possible rate hikes continue to sink in yesterday. Even though it was a pretty broadbased move, the drop was not one that we would expect to see in a real all out correction. That being said, the Fed comment along with rising inventory rate does put a bearish over cast on the market.
TECHNICALS
Markets continue to correct yesterday but by the end of the day, the critical low of 16 Aug that I have been talking about all week still holds strong. Markets continue to wear off its overbought sentiments alowly and as long as the 16 Aug low holds its ground, we should see more upside to come.
EVER WONDER WHAT BOOKS PROFESSIONAL TRADERS READ?
See a list of all the books that one fund manager have read from day 1 here!
posted by Jason Ng at 10:08 PM
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