Daily US Market Comments 02 Oct 2006 by MastersoEquity.com
FUNDAMENTALS
With the markets slowly down its advance, everyone's looking for more reason for the rally to continue. That reason may well be contained in this Friday's job reports. How well will the markets hold up prior to that?
TECHNICALS
Oil prices continue to climb last Friday as it rebounded from its support level. This, along with the markets being in extreme overbought condition, is putting some short term pressure on the markets. The Dow continue to retreat from its all time highs while NASDAQ seem to have hit some form of ceiling. This consolidation may last a few days more as the markets attempt to wear off some of its overbought condition. This is quite a dangerous level for the dow as it forms an evening star formation at such high levels. The last time we saw that in 11 May 2006, led to one of the deepest correction since early 2005.
Lets keep all fingers crossed.
Our Stock Picks Made A Total Of 52% Profit In September!
With the markets slowly down its advance, everyone's looking for more reason for the rally to continue. That reason may well be contained in this Friday's job reports. How well will the markets hold up prior to that?
TECHNICALS
Oil prices continue to climb last Friday as it rebounded from its support level. This, along with the markets being in extreme overbought condition, is putting some short term pressure on the markets. The Dow continue to retreat from its all time highs while NASDAQ seem to have hit some form of ceiling. This consolidation may last a few days more as the markets attempt to wear off some of its overbought condition. This is quite a dangerous level for the dow as it forms an evening star formation at such high levels. The last time we saw that in 11 May 2006, led to one of the deepest correction since early 2005.
Lets keep all fingers crossed.
Our Stock Picks Made A Total Of 52% Profit In September!
posted by Jason Ng at 6:06 PM
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