Monday, July 18, 2011

Daily Dow Jones: Up-Trend-Line Support Around 12340 Must Hold To Prevent Further Selldown, 18-07-2011

Wall Street recap: Dow Jones rose in see-saw session
The Dow Jones rose 43 points to 12480, moderating weekly losses to 1.4%, as earnings from Citigroup Inc. and Google Inc. offset worries about the debt ceiling impasse and a sharp drop in July consumer confidence of 63.8 (June: 71.5).

Besides, investors took a skeptical view of European Banking Authority’s stress tests after 8 banks failed with a combined capital shortfall of just €2.5 billion. Of the banks that failed, five were in Spain, two in Greece and one in Austria, while all of the region’s biggest firms passed the test.

While the ongoing U.S. debt ceiling discussions and persistent concerns on Europe’s financial woes may mean the stock market is in for a bumpy ride, earnings season will continue to heat up after a solid first week.

According to Thomson Reuters data, 39 companies in the benchmark S&P 500 index had posted results, with 74% reporting earnings that topped streets’ estimates. Among the companies slated to release results this week are Apple, eBay, Intel, IBM, Microsoft, Yahoo, Bank of America, Goldman Sachs and Morgan Stanley.

Daily Dow Jones: Up-Trend-Line Support Around 12340 Must Hold To Prevent Further Selldown
DowJones18-07-2011



Source: StockCharts.com

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