Wednesday, July 27, 2011

Daily Dow Jones Technical Indicators Are Weakening

Wall Street recap: Dow Jones drops 92 points, recording 1.8% loss in three days
Despite improving July consumer confidence at 59.5 (June: 57.6), Dow lost 92 points to 12501 in the wake of a mixed batch of earnings reports and concern over the deadlock in U.S. debt-ceiling negotiations. Meanwhile, the Obama administration threatened a presidential veto of House Speaker Boehner’s plan to raise the U.S. debt ceiling and cut US$3trn spending.

The greenback fell broadly as Democrats and Republicans continued to wrangle over competing plans to cut the deficit, helping to support crude oil prices, gold and other commodities.

Daily Dow Jones Technical Indicators Are Weakening


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