Daily US Market Comments 31 Oct 2006 by MastersoEquity.com
FUNDAMENTALS
Markets closed mixed yesterday as traders continue to make sense of all the mixed elements in the environment. With oil prices coming to a halt, GDP falling but inflation under control, there are plenty of reasons for some traders to start feeling slightly pessimistic and for some others to remain optimistic. Until we see some change in the environment, the markets could continue sideways for a short while.
TECHNICALS
Markets continued sideways yesterday with NASDAQ making a slight comeback. Noteworthy today is the Dow. The Dow have been rising on a very strong rising trendline until it broke that trendline to downside yesterday, taking its first journey off the overbought scales in a month. As for NASDAQ, it sure does look like the break from the 2350 resistance level 2 days ago is but a fluke as it continues to trade around that level. Until we see some significant change, markets should continue to move sideways from here.
Ever Wondered How To Profit From A Sideways Market?
Markets closed mixed yesterday as traders continue to make sense of all the mixed elements in the environment. With oil prices coming to a halt, GDP falling but inflation under control, there are plenty of reasons for some traders to start feeling slightly pessimistic and for some others to remain optimistic. Until we see some change in the environment, the markets could continue sideways for a short while.
TECHNICALS
Markets continued sideways yesterday with NASDAQ making a slight comeback. Noteworthy today is the Dow. The Dow have been rising on a very strong rising trendline until it broke that trendline to downside yesterday, taking its first journey off the overbought scales in a month. As for NASDAQ, it sure does look like the break from the 2350 resistance level 2 days ago is but a fluke as it continues to trade around that level. Until we see some significant change, markets should continue to move sideways from here.
Ever Wondered How To Profit From A Sideways Market?
posted by Jason Ng at 7:13 PM
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