Daily US Market Comments 14 Nov 2006 by MastersoEquity.com
FUNDAMENTALS
Markets moved higher on a drop in oil prices yesterday. Oil prices collasped once again back down into its $58 - $60 range yesterday. This continued weakness in oil prices will definitely put OPEC on the edge of their chairs once again and if oil prices continue to move lower from this point onwards, especially if it breaks below $57 once again, we could see OPEC coming together to brew up some "solutions" again.
TECHNICALS
The Dow continued its sideways consolidation yesterday while the NASDAQ Composite Index continued higher almost making a new 6 years high as it broke above the 2400 level. This is a very critical level for NASDAQ to break if it should have any hope of staging a rally such as we saw back in 2003. Oil prices fell back down into its neutral channel yesterday eliminating any hopes of a quick rally.
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Markets moved higher on a drop in oil prices yesterday. Oil prices collasped once again back down into its $58 - $60 range yesterday. This continued weakness in oil prices will definitely put OPEC on the edge of their chairs once again and if oil prices continue to move lower from this point onwards, especially if it breaks below $57 once again, we could see OPEC coming together to brew up some "solutions" again.
TECHNICALS
The Dow continued its sideways consolidation yesterday while the NASDAQ Composite Index continued higher almost making a new 6 years high as it broke above the 2400 level. This is a very critical level for NASDAQ to break if it should have any hope of staging a rally such as we saw back in 2003. Oil prices fell back down into its neutral channel yesterday eliminating any hopes of a quick rally.
Option Trading Pedia! Absolutely Everything You Want To Know About Option Trading!
posted by Jason Ng at 8:02 PM
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