Wednesday, October 13, 2010

Dow Jones Industrial Average Review, 13/10/2010

Dow Jones lost as much as 97 points in an intraday before recovering 10 points at 11020 after Fed’s September meeting minutes suggested that it will make good on its previous pledge and act soon to provide additional support for the economy as pace of the economic recovery is slowing.

After the bell, Intel reported 3Q2010’s profit and sales figures that rose sharply from a year ago and beat Wall Street's forecasts. It also offers a cautiously optimistic outlook for 4Q. After Alco’s results announcement on 7 October, Intel is the 2nd Dow Jones component stock that topped the 3Q2010 estimates. Two Dow Jones’s components will report their results tonight (JPMorgan) and Friday (GE) whilst technology bellwethers Google and AMD will release on Thursday.

Ahead of the FOMC meeting on November 3 and the release of more corporate results, Dow could be heading towards more consolidation following its recent strong gains. Immediate resistance level is 52-week high of 11308 while immediate support level is 200-d SMA of 10500.

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