Daily US Market Comments 11 Oct 2006 by MastersoEquity.com
FUNDAMENTALS
The Nuke test in N Korea didn't look like it will have any effect on the markets afterall. It seems like everyone in the world knows what Mr Kim is up to all these while anyways. The real surprise of the day is Saudi Arabia's decision not to cut production as OPEC has decided to and have fuelled a continued ditch in oil prices. Markets were not responding very much to this move in oil prices but any further drop would certainly fuel the market to go further.
TECHNICALS
Markets continue to consolidate sideways as expected. Trendlines continue to be healthy but with the market in such extreme overbought condition, it seems almost impossible for it to go any further without at least a slight drop.
The Nuke test in N Korea didn't look like it will have any effect on the markets afterall. It seems like everyone in the world knows what Mr Kim is up to all these while anyways. The real surprise of the day is Saudi Arabia's decision not to cut production as OPEC has decided to and have fuelled a continued ditch in oil prices. Markets were not responding very much to this move in oil prices but any further drop would certainly fuel the market to go further.
TECHNICALS
Markets continue to consolidate sideways as expected. Trendlines continue to be healthy but with the market in such extreme overbought condition, it seems almost impossible for it to go any further without at least a slight drop.
posted by Jason Ng at 6:56 PM
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