Tuesday, November 2, 2010

Daily Dow Jones Comment, 2/11/2010

Wall Street Dow Jones up 64 points to 11188.7 ahead of election and FOMC outcome. Meanwhile, the Dow is consolidating and still be trapped in a range bound trading pattern in the short term. As investors awaited the results of U.S. midterm elections seen ushering in more Republicans and a two-day Federal Reserve meeting expected to yield more economic stimulus. October payroll numbers will be release out this Friday. Immediate resistance levels are 11300-11500 while immediate support levels are 10800-11000.

Wall Street stocks largely tread water in recent days amid uncertainty over the outcome of midterm election, and over the scope of a second round of quantitative easing expected to be announced tonight by the Fed. According to consensus, Republicans are poised to take control of the U.S. House and a Republican majority could be perceived as pro-business and therefore give a boost to the market.

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