Friday, November 12, 2010

Daily Dow Jones Comment Reviews, 11/11/2010

Dow down 74 points for its 3rd straight negative closed. The Dow Jones dropped as much as 126 points as Cisco’s earning warning led a sell down on technology stocks. US$ index rose for the 5th straight days (longest run since August). Bank also
fell on fear that indebted European nations may need bailouts. This was compounded by Walt Disney’s earnings that missed analysts’ estimates and rising concerns about trade imbalances and Forex controls.

However, the Dow Jones managed to bounce off its low and finished 74 points lower at 11283. Meanwhile, material stocks were higher throughout the session as strong industrial production numbers from China gave investors confidence in global demand.

On Wall Street, after hitting a two year high last Friday, accompanied by the deteriorating technical indicators, the Dow Jones is expected to continue its profit taking consolidation to neutralize its overbought positions. Upside target is situated around 11700-11800 points whilst 11000 psychological mark should be a sound support in the near term.

Daily Dow Jones shows good interim supports around 20 SMA and 30SMA.
DowJones11-11-2010
Source:MarketWatch

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...
 
Business