Monday, November 1, 2010

Daily Dow Jones Review, 1/11/2010

The Dow is moving sideways pending the outcome from ahead of the US mid-term election and FOMC meeting. Investors stay cautious, similar to the wild swings in the last few trading sessions whereby the Dow fluctuated within the 11021 to 11248
level, the Dow will continue to exhibit volatility amid deteriorating technical readings ahead of the major mid week events. Immediate resistance levels are 1300-11500 while immediate support levels are 10500-10700.

The Dow ended a choppy session, fluctuating between -56 points and +126 points before ending +6 points at 11125 as investors remained jittery ahead of the week's three big events. Namely, the mid term elections, the Federal Reserve meeting and the October jobs report.

Stronger-than-expected readings on U.S. and Chinese manufacturing growth sparked an early buying spree but gains were muffled as investors turned their focus back to
the election and the Fed's decision on QE2 coupled with lower-than-expected personal income and spending figures.

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