Friday, April 1, 2011

Daily Dow Jones Short Term Uptrend Still Intact Unless Falling Below The 5-Days SMA, 01-04-2011

Wall Street Recap: Dow Jones down 31 points ahead of the crucial job data.
U.S. stocks struggled to add to the best first quarter this century as investors absorbed humdrum economic data and looked ahead to the government's March jobs report on Friday. Late comments from Federal Reserve Bank of Minneapolis President Narayana Kocherlakota that the fed funds rate may need to rise in late 2011 - and perhaps by as much as 75bps - lit a flame under bond yields and saw selling hit equities in the final quarter hour.

The Dow Jones Industrial Average dropped 30.88 points, or 0.25%, to 12319.73 (+0.8% month-on-month; +6.4% quarter-on-quarter) on profit taking ahead of the crucial job data tonight and Fed officials remark that key interest rates might have to rise in late 2011. The S&P 500 eased 2.43 points, or 0.2%, to 1325.83.

Sentiment was cautious on reports that Irish regulators instructed four banks to raise US$34bn in additional capital following a stress test on the nation’s lenders coupled with Portugal’s high budget deficit of 8.6% (consensus: 7%).

Economic data was mixed as weekly jobless claims fell 6k to 388k but Feb factory orders dropped 0.1% against consensus +0.5%. Oil prices also settled at a two-and-a-half-year high, rising 2.4% near US$107/barrel.

Daily Dow Jones Short Term Uptrend Still Intact Unless Falling Below The 5-Days SMA.
DowJones01-04-2011


Source: StockCharts.com

1 comment:

  1. Thanks for sharing that valuable information. I hope that it won't have a negative effect on the industry.

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