Daily US Market Comments 1 Nov 2006 by MastersoEquity.com
FUNDAMENTALS
As we expected yesterday, markets moved sideways indeed. Again, sentiments are largely mixed with lower October Consumer Confidence numbers which actually points to the fact that the Feds have been successful in their efforts to engineer a soft landing. This Friday's employment report should set the definitive pace for the market, until then, markets are likely to continue sideways.
TECHNICALS
No surprises yesterday as the markets moved sideways as expected. NASDAQ continue to dance around its 2350 resistance level with slight signs of it becoming a support level and the Dow's short term stochastics moved below the overbought region for the first time in slightly more than a month. There are still no definite signs that the bull run is over as all trendlines are still being respected, however, the rally has definitely lost its momentum as all momentum indicators start to tee off for the first time in 3 months. Markets should continue sideways for at least these few days before it must once again take the big decision... to continue up with the energy that it has accumulated so far in this little consolidation or to yield into a short term technical correction.
Who Would Have Thought That An Options Picking Service Could Be This ACCURATE?
As we expected yesterday, markets moved sideways indeed. Again, sentiments are largely mixed with lower October Consumer Confidence numbers which actually points to the fact that the Feds have been successful in their efforts to engineer a soft landing. This Friday's employment report should set the definitive pace for the market, until then, markets are likely to continue sideways.
TECHNICALS
No surprises yesterday as the markets moved sideways as expected. NASDAQ continue to dance around its 2350 resistance level with slight signs of it becoming a support level and the Dow's short term stochastics moved below the overbought region for the first time in slightly more than a month. There are still no definite signs that the bull run is over as all trendlines are still being respected, however, the rally has definitely lost its momentum as all momentum indicators start to tee off for the first time in 3 months. Markets should continue sideways for at least these few days before it must once again take the big decision... to continue up with the energy that it has accumulated so far in this little consolidation or to yield into a short term technical correction.
Who Would Have Thought That An Options Picking Service Could Be This ACCURATE?
posted by Jason Ng at 7:47 PM
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