Daily US Market Comments 23 Oct 2006 by MastersoEquity.com
FUNDAMENTALS
Markets are becoming tired after such a long run and closed mixed last Friday. Oil prices has yet to show any signs of putting up a reversal after so much effort from OPEC. It has, however, found a support level and have been trading sideways along it since early this month. Inflation continue to be under control and until the oil production cut show some real numbers in terms of a decreasing national oil reserve, the markets still look healthy to continue upwards after a short breather.
TECHNICALS
Markets continue to move sideways last Friday. This has placed NASDAQ clearly off its overbought level but the Dow still look like it need to conserve another couple of day's energy before it can tee off from its short term overbought condition. Even though NASDAQ is up against a strong 2350 resistance level, last Friday's movement show it climbing slightly along its trendline. This respect of the trend line may not be a very significant move but it certainly say alot about its strength and integrity. If the trendline holds, we may see NASDAQ break its 2350 resistance level within these few days. Such a move may lead to a revival of the kind of rally we saw in year 2003.
Not Enough Money To Trade? This Is The Time You Take Whatever You Have To Build Your Knowledge!
Markets are becoming tired after such a long run and closed mixed last Friday. Oil prices has yet to show any signs of putting up a reversal after so much effort from OPEC. It has, however, found a support level and have been trading sideways along it since early this month. Inflation continue to be under control and until the oil production cut show some real numbers in terms of a decreasing national oil reserve, the markets still look healthy to continue upwards after a short breather.
TECHNICALS
Markets continue to move sideways last Friday. This has placed NASDAQ clearly off its overbought level but the Dow still look like it need to conserve another couple of day's energy before it can tee off from its short term overbought condition. Even though NASDAQ is up against a strong 2350 resistance level, last Friday's movement show it climbing slightly along its trendline. This respect of the trend line may not be a very significant move but it certainly say alot about its strength and integrity. If the trendline holds, we may see NASDAQ break its 2350 resistance level within these few days. Such a move may lead to a revival of the kind of rally we saw in year 2003.
Not Enough Money To Trade? This Is The Time You Take Whatever You Have To Build Your Knowledge!
posted by Jason Ng at 8:51 PM
<< Home