Tuesday, May 3, 2011

DJIA Down 3.2 Points After Surging 2.4% WoW And 4% MoM

Wall Street outlook: Dow down 3.2 points after surging 2.4% wow (week-on-week) and 4% mom (month-on-month).

The Dow jumped 66 points in the early session amid news that Osama had been killed by U.S. forces in Pakistan. The morning positive sentiment was also driven by a better-than-expected April ISM of 60.4% (consensus: 59%).

However, the gains evaporated as investors acknowledged that Osama’s death doesn't settle the political uprising issues in the Mideast and instead shifting their focus to economic data such as March factory orders (3 May), April ADP report/April ISM non-manufacturing (4 May) and April non-farm payrolls (6 May).

Daily Dow Jones: Profit Taking Could Come In Soon As Index Unable To Close Above Upper Bollinger Band

Source: StockCharts.com

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