5:55 PM
Not much to say about today folks. Yes, last night after the close Moody's cut Italy's bond rating 3 notches. Ho-hum. And today ADP payrolls hinted at better numbers for Friday's official report. Depressed commodity prices (Oil, Materials) helped pave the way to higher prices for commodities and hence those stocks.
A follow thru from yesterdays closing rally gave strength to the market and the impetus to carry on today. We are still under the Resistance line and I'm still looking for more downside eventually. Keep an eye on tomorrow's reports and earnings results as the season officially begins October 11 with Alcoa reporting. Volume was below average today, indicating that buyers were not rushing in from all sides to get into this supposed "rally". The daily chart says we might get a bit more upside. So watch to see if we break above Dow 11,000 or the resistance line at Dow 11,200
Once change in the trend table.
CURRENT MARKET TRENDS
Long Term (Weekly Chart) - Down
Medium Term (3 day chart) - Down
Short Term (Daily Chart) – Up
No comments:
Post a Comment