Daily US Market Comments 24 Oct 2006 by MastersoEquity.com
FUNDAMENTALS
Markets continued to move upwards as we have expected yesterday. Market participation is also increasing as this rally continues. The "short breather" we mentioned yesterday is very short indeed. The market was primarily spurred by the surprising drop in oil prices and the increasing optimism for this earnings season as many giants like Google did phenomenally well. This is yet another record high for the Dow and NASDAQ recovered an entire week's loss. With oil prices losing ground once again despite efforts by OPEC, it is not surprising to hear see more follow up action from OPEC soon. Imagine taking a 30% paycut in just a few short months... certainly not something you would live with when you can do something about it, right?
TECHNICALS
Markets powered ahead on strong volume as expected. NASDAQ has managed to break above its 2350 resistance level yesterday and with a good follow up today, it might fulfill the prophecy we made yesterday. :) Truly an exciting time for the markets as the trendlines continue to look strong and indestructible. Will this lead on to the kind of rally we experienced in year 2003? These few days will be critical in determining that. Starting from today, if we see a strong, clean upside followup in NASDAQ away from the 2350 level, we might be seeing NASDAQ make a new 5 years high and power on further for a significant while.
Are You Missing Out On All The Sizzling Money Making Opportunity So Far In This Rally?
Markets continued to move upwards as we have expected yesterday. Market participation is also increasing as this rally continues. The "short breather" we mentioned yesterday is very short indeed. The market was primarily spurred by the surprising drop in oil prices and the increasing optimism for this earnings season as many giants like Google did phenomenally well. This is yet another record high for the Dow and NASDAQ recovered an entire week's loss. With oil prices losing ground once again despite efforts by OPEC, it is not surprising to hear see more follow up action from OPEC soon. Imagine taking a 30% paycut in just a few short months... certainly not something you would live with when you can do something about it, right?
TECHNICALS
Markets powered ahead on strong volume as expected. NASDAQ has managed to break above its 2350 resistance level yesterday and with a good follow up today, it might fulfill the prophecy we made yesterday. :) Truly an exciting time for the markets as the trendlines continue to look strong and indestructible. Will this lead on to the kind of rally we experienced in year 2003? These few days will be critical in determining that. Starting from today, if we see a strong, clean upside followup in NASDAQ away from the 2350 level, we might be seeing NASDAQ make a new 5 years high and power on further for a significant while.
Are You Missing Out On All The Sizzling Money Making Opportunity So Far In This Rally?
posted by Jason Ng at 8:53 PM
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