Daily US Market Comments 30 Aug 2006 by MastersoEquity.com
FUNDAMENTALS
What started out as a pretty gloomy day due to uncertainties in the fed's next move and the strengthening of hurricane Ernesto ended up in an astonishing up day in the end. Eventhough markets did not move up significantly yesterday, its recovery from yesterday's lows were indeed encouraging. This is probably due to oil prices breaking below the $70 mark at last. This along with another favorable Fed release in September could really set the tempo for a good rally.
TECHNICALS
Markets continued to move sideways yesterday. Even though the end of day rally looks pretty promising, the short term resistance levels continue to hold strong. On the other hand, the short term support level seems to hold very strong too. With such a strong support, I am optimistic on a break to upside at least for the short term.
EVEN VETERAN TRADERS NEED TO READ GOOD TRADING BOOKS!
See my recommendations for veteran traders here!
What started out as a pretty gloomy day due to uncertainties in the fed's next move and the strengthening of hurricane Ernesto ended up in an astonishing up day in the end. Eventhough markets did not move up significantly yesterday, its recovery from yesterday's lows were indeed encouraging. This is probably due to oil prices breaking below the $70 mark at last. This along with another favorable Fed release in September could really set the tempo for a good rally.
TECHNICALS
Markets continued to move sideways yesterday. Even though the end of day rally looks pretty promising, the short term resistance levels continue to hold strong. On the other hand, the short term support level seems to hold very strong too. With such a strong support, I am optimistic on a break to upside at least for the short term.
EVEN VETERAN TRADERS NEED TO READ GOOD TRADING BOOKS!
See my recommendations for veteran traders here!
posted by Jason Ng at 8:35 PM
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