Daily US Market Comments 29 Nov 2006 by MastersoEquity.com
FUNDAMENTALS
Markets moved up very marginally yesterday as some bargain hunting begin to come in. Other than that, there are very little fundamentals to support any real optimism. Housing continues to pull the US economy down, US durable goods export fell the most in 6 years and oil prices continue to rise by the dollar to settle above $61. If the technicals do not hold up over the next few days, then it may be about time the market goes into a short term correction.
TECHNICALS
Markets settled sideways near where it ended the day before. However, a small open candle below a huge closed candle is always a good sign suggesting a possible rebound akin to what we saw on 2 Nov and 2 Oct. The certainty in this kind of formation is that if it drops today, we can be sure that a quick rebound may be a remote possibility. Therefore, today would be critical. A drop today will break the Dow's 30MA support to downside for the first time since August and may see a testing of the 50MA. Oil is one again trading at the top of its channel, reeling for a topside break. A break to topside can put a lot of pressure on the overall market.
Who Would Have Thought You Could Make Over 87% Profit Monthly, Confidently?
Markets moved up very marginally yesterday as some bargain hunting begin to come in. Other than that, there are very little fundamentals to support any real optimism. Housing continues to pull the US economy down, US durable goods export fell the most in 6 years and oil prices continue to rise by the dollar to settle above $61. If the technicals do not hold up over the next few days, then it may be about time the market goes into a short term correction.
TECHNICALS
Markets settled sideways near where it ended the day before. However, a small open candle below a huge closed candle is always a good sign suggesting a possible rebound akin to what we saw on 2 Nov and 2 Oct. The certainty in this kind of formation is that if it drops today, we can be sure that a quick rebound may be a remote possibility. Therefore, today would be critical. A drop today will break the Dow's 30MA support to downside for the first time since August and may see a testing of the 50MA. Oil is one again trading at the top of its channel, reeling for a topside break. A break to topside can put a lot of pressure on the overall market.
Who Would Have Thought You Could Make Over 87% Profit Monthly, Confidently?
posted by Jason Ng at 6:26 PM
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