Daily US Market Comments 27 Oct 2006 by MastersoEquity.com
FUNDAMENTALS
Markets continue its journey upwards yesterday with the most gains posted by NASDAQ. Oil prices also took a small ditch yesterday. That, along with the favorable Fed release the day before, continue to set a bullish environment for the markets.
TECHNICALS
NASDAQ made an exciting move yesterday, breaking away from its 2350 resistance level strongly. As we have predicted before, this is exactly what NASDAQ needs to go into another round of rally, hopefully duplicating the one we saw back in 2003. NASDAQ has spent enough time at the bottom of the valley since 2002. The Dow has since gotten out of the 2000 - 2002 valley with the 2003 rally but not NASDAQ. There is still a long way up for NASDAQ before it can climb out of the valley but if the economy remains stable under sound monetary and fiscal policy, things does look good. For now, NASDAQ ended in a nice shaven head candle showing great potential to continue up today. Short term stochastics have also yet to reach an extreme overbought position supporting our upside speculation.
Who Would Have Thought That A Guy With Hundreds Of Thousands In Debt Could Retire By 28 Years Old?
Markets continue its journey upwards yesterday with the most gains posted by NASDAQ. Oil prices also took a small ditch yesterday. That, along with the favorable Fed release the day before, continue to set a bullish environment for the markets.
TECHNICALS
NASDAQ made an exciting move yesterday, breaking away from its 2350 resistance level strongly. As we have predicted before, this is exactly what NASDAQ needs to go into another round of rally, hopefully duplicating the one we saw back in 2003. NASDAQ has spent enough time at the bottom of the valley since 2002. The Dow has since gotten out of the 2000 - 2002 valley with the 2003 rally but not NASDAQ. There is still a long way up for NASDAQ before it can climb out of the valley but if the economy remains stable under sound monetary and fiscal policy, things does look good. For now, NASDAQ ended in a nice shaven head candle showing great potential to continue up today. Short term stochastics have also yet to reach an extreme overbought position supporting our upside speculation.
Who Would Have Thought That A Guy With Hundreds Of Thousands In Debt Could Retire By 28 Years Old?
posted by Jason Ng at 8:13 PM
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