Daily US Market Comments 14 Dec 2006 by MastersoEquity.com
FUNDAMENTALS
Oil took a boost yesterday as oil inventories dropped for a 3rd straight week which resulted in a marginal gain in stocks. OPEC will be meeting today again to discuss if further production cuts are necessary. Their decision will have a definite effect on the lukewarm oil price and the US economy at large. Analysts speculate that OPEC will not agree on further production cut this time round given that the effects of the last production cut has already held oil prices up from further drops. For me, I would say, "You'll never know".
TECHNICALS
Markets continued sideways exactly the same way it did for the whole of the week. It is obvious by now that major indices are up against their respective resistance levels and if they do not make a definite break to upside soon, we could really see a correction. This is the first time we are witnessing such a strong resistance level and weakness in the market since the rally begun. The only consolation is the all trendlines remain intact.
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Oil took a boost yesterday as oil inventories dropped for a 3rd straight week which resulted in a marginal gain in stocks. OPEC will be meeting today again to discuss if further production cuts are necessary. Their decision will have a definite effect on the lukewarm oil price and the US economy at large. Analysts speculate that OPEC will not agree on further production cut this time round given that the effects of the last production cut has already held oil prices up from further drops. For me, I would say, "You'll never know".
TECHNICALS
Markets continued sideways exactly the same way it did for the whole of the week. It is obvious by now that major indices are up against their respective resistance levels and if they do not make a definite break to upside soon, we could really see a correction. This is the first time we are witnessing such a strong resistance level and weakness in the market since the rally begun. The only consolation is the all trendlines remain intact.
Find Out How You Can Make 87% Profit Monthly Consistently!
posted by Jason Ng at 7:49 PM
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