Tuesday, November 30, 2010

Daily Dow Jones Comment, 30/11/2010

Amid knee-jerk reaction from the European debt crisis and rising geopolitical tensions in Korean peninsula,The Dow plunged as much as 163 points (and below the 11,000 level) before narrowing the losses to 39 points at 11052 as a wave of downbeat news gave investors little to be thankful coming back from the Thanksgiving holiday weekend.

Renewed fears about Europe's debt crisis, the Korean peninsula tensions and a Wikileaks release of controversial diplomatic files all weighed on markets. Investors will take in data on housing, manufacturing and consumer confidence on Tuesday and ISM on Wednesday. On Friday, the government will issue its closely watched monthly jobs report and ISM non-manufacturing data.

However, the Hammer formation and hook up in slow Stochastic and MACD suggest that the market may have temporary found a base and consolidate upward.

Daily Dow Jones closed with a hammer candlestick and a hook-up in slow stochastic could indicate upward consolidation.
Source: StockChart

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