Daily US Market Comments 31 Aug 2006 by MastersoEquity.com
FUNDAMENTALS
Markets continue to drive upwards as oil prices break below $69.00. Even though oil prices are back up by the end of the day, it is still a very significant event oil prices break $70 and $69 all within just 2 days. This puts a definite bearish stance on the oil prices. The Iranian crisis is not likely to affect oil prices as oil prices are determined by the cartel and Iran is not the only country from whom we can buy oil.
TECHNICALS
Markets ended up in the most significant up day since 16 Aug. The 2 weeks high for both the Dow and NASDAQ were broken intraday indicating strength in the market. Even though the markets did not manage to shake off much of its overbought condition, I do see that there are still a lot more upside to this market should the market break the short term resistance level that we are at now. With the market trend lines increasingly steeper and the channel lines increasely flatter, that break might just happen within these couple of days.
Markets continue to drive upwards as oil prices break below $69.00. Even though oil prices are back up by the end of the day, it is still a very significant event oil prices break $70 and $69 all within just 2 days. This puts a definite bearish stance on the oil prices. The Iranian crisis is not likely to affect oil prices as oil prices are determined by the cartel and Iran is not the only country from whom we can buy oil.
TECHNICALS
Markets ended up in the most significant up day since 16 Aug. The 2 weeks high for both the Dow and NASDAQ were broken intraday indicating strength in the market. Even though the markets did not manage to shake off much of its overbought condition, I do see that there are still a lot more upside to this market should the market break the short term resistance level that we are at now. With the market trend lines increasingly steeper and the channel lines increasely flatter, that break might just happen within these couple of days.
posted by Jason Ng at 2:40 AM
<< Home