Daily US Market Comments 11 Dec 2006 by MastersoEquity.com
FUNDAMENTALS
Hourly earnings rose just 0.2%, which is 0.1% short of expectation. That proved that the Feds are right on track and that we can expect no further rate increase when the Feds meet this coming Tuesday. That gave the market a very slight boost as it gained marginally last Friday. With the Fed meeting just round the corner, market action is expected to be slow until then. We all know by now that the Feds are looking to cut rates by March 2007... will it happen during this meeting?
TECHNICALS
Markets continue to move sideways with no surprises. It is really going to take a lot of strength to break the 12340 resistance level. Oil price seems to also be failing at its resistance level of $63. Oil gained strongly last Friday with an intraday high of about $62.70, looking strong to challenge the $63 level but failed by the end of the day and now, it is trading at a mere $61.70. Looks like it is going to take more action from OPEC and some significant impact on oil inventory numbers before it can work its way up beyond $63.
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Hourly earnings rose just 0.2%, which is 0.1% short of expectation. That proved that the Feds are right on track and that we can expect no further rate increase when the Feds meet this coming Tuesday. That gave the market a very slight boost as it gained marginally last Friday. With the Fed meeting just round the corner, market action is expected to be slow until then. We all know by now that the Feds are looking to cut rates by March 2007... will it happen during this meeting?
TECHNICALS
Markets continue to move sideways with no surprises. It is really going to take a lot of strength to break the 12340 resistance level. Oil price seems to also be failing at its resistance level of $63. Oil gained strongly last Friday with an intraday high of about $62.70, looking strong to challenge the $63 level but failed by the end of the day and now, it is trading at a mere $61.70. Looks like it is going to take more action from OPEC and some significant impact on oil inventory numbers before it can work its way up beyond $63.
Find The Best Option Trading Books Here!
posted by Jason Ng at 6:52 PM
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