Dow Continues Sideways As Expected
The Dow continued to move sideways as expected, closing marginally upwards by 18 points.
Fundamentals
It was another day of mixed economic data and mixed trading. Jobless claims turned in worse than expected, leading to a negative opening but a positive surprise on the Philley Fed put a stop to the fall and started turning things around despite a worse than expected Leading Indicators. Market begun a slow but steady climb for the rest of the day, ending slightly positive. Tomorrow's Quadruple Witching day would no doubt end up in a volatile day with big intraday movement but very limited net movement. Options traders continue to keep total equities put call ratio below 0.9, continuing the bullish sentiment.
Technicals
No surprise today as the Dow continued to move sideways today. As I mentioned yesterday, the Dow is most likely going to move sideways and even slightly negative for the rest of the week. In fact, it is most likely that the Dow is going to continue largely sideways or even pull back downwards a little next week to meet the 30MA before anymore upside can be expected. In fact, a re-test of the 13,300 points resistance level could even be in order before further upside. This means that any weakness continues to be great points for entry.
See how we made 96% profit on SNDK yesterday even in this volatile market condition at http://www.mastersoequity.com/MOE_latest_win.htm
For now, the Dow remains in all out bull trend.
Fundamentals
It was another day of mixed economic data and mixed trading. Jobless claims turned in worse than expected, leading to a negative opening but a positive surprise on the Philley Fed put a stop to the fall and started turning things around despite a worse than expected Leading Indicators. Market begun a slow but steady climb for the rest of the day, ending slightly positive. Tomorrow's Quadruple Witching day would no doubt end up in a volatile day with big intraday movement but very limited net movement. Options traders continue to keep total equities put call ratio below 0.9, continuing the bullish sentiment.
Technicals
No surprise today as the Dow continued to move sideways today. As I mentioned yesterday, the Dow is most likely going to move sideways and even slightly negative for the rest of the week. In fact, it is most likely that the Dow is going to continue largely sideways or even pull back downwards a little next week to meet the 30MA before anymore upside can be expected. In fact, a re-test of the 13,300 points resistance level could even be in order before further upside. This means that any weakness continues to be great points for entry.
See how we made 96% profit on SNDK yesterday even in this volatile market condition at http://www.mastersoequity.com/MOE_latest_win.htm
For now, the Dow remains in all out bull trend.
posted by Jason Ng at 8:44 PM
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