Sunday, March 13, 2011

DJIA Is Showing Some Resilience Near Lower Bollinger Band.

On Wall Street, the Dow Jones recovers 60 points, bucking global meltdown in equity markets.

In spite of a relatively good set of Feb retail sales, Dow fell as much as 48 points in the morning session amid a massive earthquake and tsunami in Japan, besides concerns over conflict in the Middle East and Euro-zone fiscal woes.

However, the Dow rebounded strongly to as much as 102 points before ending 60 higher to 12044 (+1% week-on-week) on bargain hunting activities after last Thursday’s 1.9% sell-off, as the planned protest in Saudi Arabia did not end up causing as much of a stir as market expected and Japan's major cities and manufacturing facilities were not affected by the quake.

Wall St will remain volatile this week, as investors assess the damage Japan’s earthquake would have on the global economy and markets, not to mention concerns over the nagging geopolitical risks in Mideast and euro-zone credit crisis.

Key economic headlines slated this week are FOMC meeting (March 15), February housing starts (March 16), February CPI & IPI (March 17).

DJIA Is Showing Some Resilience Near Lower Bollinger Band.


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