Daily US Market Comments 20 Nov 2006 by MastersoEquity.com

FUNDAMENTALS
Markets closed mixed as oil prices staged a slight come back last Friday. Oil managed to get back up into a high of it's $59 range again last Friday. This showed that oil price remained resilient and that many investors and speculators continue to accumulate at these levels on a possible rally due to continued actions from OPEC. We should not see another series of action from OPEC so quickly as they will want to watch and see if their previous action attains their desired results.

TECHNICALS
Markets continue to consolidate as it closed sideways last Friday. Looking at the candlesticks, however, tells us that the market remains extremely bullish even though it closed mixed. The candlesticks over the past 3 days have closed with open candles, revealing the fact that market forces remain strong in taking the closing levels higher than the opening levels. Looks like this consolidation may be shorter than the previous ones.


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