Bulls Take a Breather In Oil Surge

FUNDAMENTAL ANALYSIS
The Dow took a breather today, ending a 4 days rally with a 0.08% drop of 10.81 points as oil breaks the $65 per barrel level. Oil has been trading at a relatively low level coming into summer so a price surge is really not strange to see. Apart from that, most of the action today are actually technical driven as some investors take profit off the table. Let's see what the technicals say...

TECHNICAL ANALYSIS
The Dow recovers it's staircase formation today as it traded sideways on low volume. It sure seems like the 10 May drop was a fake out and that the correction in the Nasdaq composite doesn't seem like it is going over to the Dow at all. Short term momentum for the Dow has also started picking up again. I hope the Dow muster enough energy to bring the Nasdaq composite up quickly or else it might be the one to get brought down by the Nasdaq composite instead. The Nasdaq composite's correction should also be coming to an end soon as it finds support at its 30days MA.


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