Daily US Market Comments 13 Oct 2006 by MastersoEquity.com
FUNDAMENTALS
The Markets broke strongly to upside yesterday pushing the Dow into yet another new historical high! Indeed we are witnessing history in the making now. With the oil pressure now off and the small plane tragic confirmed as not a terrorist act, the markets are free once again to regain its chosen path.
TECHNICALS
The rally came in just a little earlier than we have expected... not that we are complaining of course. :) We expected the consolidation to go on for another couple of days before the rally continues but looking at the patterns yesterday, the markets are right in line for a rally forming a perfect rising stairs formation. Yesterday's rise have put NASDAQ right at the doorstep of a strong resistance level at 2350, along with the Dow at new historical highs again, I would expect the market to once again go sideways a little for a few days at least from today onwards before it can go further. It must also take this opportunity to shake off some of its overbought condition.
We Have Anticipated And Rode The QQQQ Rally For Months Now... Are You Profiting Too?
The Markets broke strongly to upside yesterday pushing the Dow into yet another new historical high! Indeed we are witnessing history in the making now. With the oil pressure now off and the small plane tragic confirmed as not a terrorist act, the markets are free once again to regain its chosen path.
TECHNICALS
The rally came in just a little earlier than we have expected... not that we are complaining of course. :) We expected the consolidation to go on for another couple of days before the rally continues but looking at the patterns yesterday, the markets are right in line for a rally forming a perfect rising stairs formation. Yesterday's rise have put NASDAQ right at the doorstep of a strong resistance level at 2350, along with the Dow at new historical highs again, I would expect the market to once again go sideways a little for a few days at least from today onwards before it can go further. It must also take this opportunity to shake off some of its overbought condition.
We Have Anticipated And Rode The QQQQ Rally For Months Now... Are You Profiting Too?
posted by Jason Ng at 6:47 PM
<< Home