Tuesday, November 23, 2010

Daily Dow Jones Comment, 23/11/2010

The Wall Street Dow Jones eases 25 points after tumbling 149 points in an intraday, as strength in technology and consumer shares helped offset concerns about the euro zone.

The euro snapped a three-day rally versus the dollar. Stocks and commodities slid and Treasuries rose as Ireland’s financial bailout failed to assuage contagion worries, with Irish troubles threatening to spill over to other countries such as Portugal and Spain. Meanwhile, banks led U.S. shares lower as federal agents searched hedge funds in an insider trading probe.

The Dow Jones will continue to trade cautiously ahead of the Thanksgiving (November 25) holiday-shortened week. Major economic releases are Oct existing home sales (November 23), October consumer spending, October durable order goods, November consumer sentiment (November 24). Immediate support levels are 11021 (50-day SMA) and 10948 (last week’s low). Upside target remains at 11500-11700 points.

Daily Dow Jones is to consolidate above the 11000 psychological level.
Source: Stockschart

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