Daily US Market Comments 22 Nov 2006 by MastersoEquity.com
FUNDAMENTALS
Markets were put under pressure as oil prices staged an unexpected turn around closing above $60 once again. Even though markets are up marginally, it is evident that it is under severe pressure and has come almost to a complete standstill. The slow down could also be due to the coming Thanksgiving. Traditionally, markets will come almost to a standstill a couple of days before any major holidays. With oil prices display a hint of bullishness and the fact that it is still traded elsewhere in the world despite the coming holidays, will we come back from the holidays to a nasty surprise?
TECHNICALS
No surprise yesterday as markets continue its staircase consolidation. The only concern seems to be that oil has managed to get back up on the higher end of its neutral channel again. A break upwards from this level could spell a bull run for oil price and of course, probably the end of a good run for the markets. For now, oil prices doesn't seem to have affected the technical pattern of the major indices.
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Markets were put under pressure as oil prices staged an unexpected turn around closing above $60 once again. Even though markets are up marginally, it is evident that it is under severe pressure and has come almost to a complete standstill. The slow down could also be due to the coming Thanksgiving. Traditionally, markets will come almost to a standstill a couple of days before any major holidays. With oil prices display a hint of bullishness and the fact that it is still traded elsewhere in the world despite the coming holidays, will we come back from the holidays to a nasty surprise?
TECHNICALS
No surprise yesterday as markets continue its staircase consolidation. The only concern seems to be that oil has managed to get back up on the higher end of its neutral channel again. A break upwards from this level could spell a bull run for oil price and of course, probably the end of a good run for the markets. For now, oil prices doesn't seem to have affected the technical pattern of the major indices.
Find Out How To Make Up To $10,000 A Month As Our Affiliate!
posted by Jason Ng at 7:33 PM
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