Daily US Market Comments 15 Dec 2006 by MastersoEquity.com
FUNDAMENTALS
Markets rallied yesterday led by the energy sector. The energy sector rose 1.81% overall with OPEC's decision to cut production by another 500K barrels per day starting on 1 Feb. This has led oil to break above the $63 for the first time since November. If oil prices continue to move up due to a drop in production, that can spell higher capital cost for industries and put some pressure on earnings.
TECHNICALS
Surprisingly, the Dow found enough energy to break the 12340 resistance level yesterday as it ended up 0.81% for the day to close at 12416.76! This is an extremely important move as it completes the staircase formation that the Dow has been stepping up on since August and spell more upside for the market. All we need to see is some significant follow up today to seal in the deal.
Find Out How You Can Make 87% Profit Monthly Consistently!
Markets rallied yesterday led by the energy sector. The energy sector rose 1.81% overall with OPEC's decision to cut production by another 500K barrels per day starting on 1 Feb. This has led oil to break above the $63 for the first time since November. If oil prices continue to move up due to a drop in production, that can spell higher capital cost for industries and put some pressure on earnings.
TECHNICALS
Surprisingly, the Dow found enough energy to break the 12340 resistance level yesterday as it ended up 0.81% for the day to close at 12416.76! This is an extremely important move as it completes the staircase formation that the Dow has been stepping up on since August and spell more upside for the market. All we need to see is some significant follow up today to seal in the deal.
Find Out How You Can Make 87% Profit Monthly Consistently!
posted by Jason Ng at 6:25 PM
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