Daily US Market Comments 30 Nov 2006 by MastersoEquity.com
FUNDAMENTALS
Markets continue to recover from the drop of 2 days ago with a higher than expected GDP growth of 2.2%. Market gains were assisted with gains in the energy as oil price break above $62 for the first time in many months. This is a critical time for the markets if oil prices start a rally from this level, the market may be put under significant pressure.
TECHNICALS
All indices rebounded off their respective trendlines nicely indicating that the rally is still very much intact. Oil broke to upside from its $59 - $61 neutral channel yesterday and is the follow up that we feared might happen yesterday. If oil price do not fall back down into its neutral channel today, it may start a rally from this point on. At this moment of time, there are still no obvious signs of weakness in the markets.
Free Option Trading Education!
Markets continue to recover from the drop of 2 days ago with a higher than expected GDP growth of 2.2%. Market gains were assisted with gains in the energy as oil price break above $62 for the first time in many months. This is a critical time for the markets if oil prices start a rally from this level, the market may be put under significant pressure.
TECHNICALS
All indices rebounded off their respective trendlines nicely indicating that the rally is still very much intact. Oil broke to upside from its $59 - $61 neutral channel yesterday and is the follow up that we feared might happen yesterday. If oil price do not fall back down into its neutral channel today, it may start a rally from this point on. At this moment of time, there are still no obvious signs of weakness in the markets.
Free Option Trading Education!
posted by Jason Ng at 6:41 PM
<< Home