Tuesday, April 26, 2011

Daily DJIA Has More Cautious Trade With The Hanging Man Candlestick, 26-04-2011

Wall Street recap: DJIA eases 26 points ahead of FOMC meeting

U.S. stocks fell as lower commodity prices drove down energy and raw-material producers. The S&P 500 slipped 0.2% to 1,335.25. The Dow Jones Industrial Average declined 26.11 points (0.2%) to 12,479.88.

Purchases of new houses in the U.S. rose in March from a record low as the weakest industry in the economy strained to recover. New-home sales, tabulated when contracts are signed, climbed 11.1% to a 300,000 annual pace, faster than forecast. Housing prices fell from a year ago. The market for new homes faces competition from a glut of foreclosed properties that may keep prices depressed this year, discouraging new construction.

In spite of a better-than-expected march housing starts, Dow Jones broke a three-session winning streak overnight as lingering worries over rising commodity costs and increasing fiscal debt gave investors excuses to take profits before the much-awaited 2-day FOMC meeting,

The debt Fed press meeting is going to be the event of the week, offering both a fresh assessment of where the Fed sees the economy currently and an update on its plans to slowly exit from the extraordinarily easy policies since 2008.

Major upcoming earnings release this week are 3M/Coca-cola/UPS (26 April), Boeing (27 April), Chevron/Microsoft/Exxon (28 April), Pepsico/P&G (29 April).

Daily DJIA Has More Cautious Trade With The Hanging Man Candlestick.

Source: StockCharts.com

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