Daily US Market Comments 2 Nov 2006 by MastersoEquity.com
FUNDAMENTALS
No surprise yesterday as the markets continue to consolidate as we have expected ahead of the employment numbers. Oil continue to linger in the $58 - $61 range with no big surprises. Let's continue to hold on and wait for the employment numbers.
TECHNICALS
Markets continued sideways as the consolidation continues. This breather has indeed allowed all indices to retreat significantly off their short term overbought levels. Of note yesterday is NASDAQ's move below the 2350 resistance level once again to trade tightly within a narrow 2330 - 2360 channel. So I think the top and bottom limits for NASDAQ is thus established... a break above that channel could mean a second bull run and a break below that channel could mean a short term correction. Let's continue to watch and see.
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No surprise yesterday as the markets continue to consolidate as we have expected ahead of the employment numbers. Oil continue to linger in the $58 - $61 range with no big surprises. Let's continue to hold on and wait for the employment numbers.
TECHNICALS
Markets continued sideways as the consolidation continues. This breather has indeed allowed all indices to retreat significantly off their short term overbought levels. Of note yesterday is NASDAQ's move below the 2350 resistance level once again to trade tightly within a narrow 2330 - 2360 channel. So I think the top and bottom limits for NASDAQ is thus established... a break above that channel could mean a second bull run and a break below that channel could mean a short term correction. Let's continue to watch and see.
The Best Option Trading Books Here!
posted by Jason Ng at 7:44 PM
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