Daily US Market Comments 29 Aug 2006 by MastersoEquity.com
FUNDAMENTALS
Markets rallied on falling oil prices and the fact that Ernesto is not going to be hitting Mexico afterall. Nothing more can be said for yesterday's rally as it is a rally that lacked enthusiasm and volume. My conclusion? A lackluster up day that may not necessarily progress into a rally.
TECHNICALS
The markets bounced up off the lows of 16 Aug as we have anticipated for so long. Is this then the beginning of a rally? Not yet. This is still a sideways market disguised as a rally. Markets had merely bobbed their heads up for a breather and back where they were last week. Unless we see a significant follow up today, the markets might laspe into its sideways movement once again.
Markets rallied on falling oil prices and the fact that Ernesto is not going to be hitting Mexico afterall. Nothing more can be said for yesterday's rally as it is a rally that lacked enthusiasm and volume. My conclusion? A lackluster up day that may not necessarily progress into a rally.
TECHNICALS
The markets bounced up off the lows of 16 Aug as we have anticipated for so long. Is this then the beginning of a rally? Not yet. This is still a sideways market disguised as a rally. Markets had merely bobbed their heads up for a breather and back where they were last week. Unless we see a significant follow up today, the markets might laspe into its sideways movement once again.
posted by Jason Ng at 8:23 PM
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