Wednesday, August 17, 2011

Dow Jones Down 77 Points From As Much As -190 Points Intraday, 17-08-2011

Wall Street Recap: Dow Jones down 77 points from as much as -190 points intraday
The Dow Jones tumbled as much as 190 points following the weaker-than-expected
2Q11 Eurozone growth at 0.2% (consensus: 0.3%), as well as disappointment that German and French leaders proposed a financial-transaction tax and rejected selling euro bonds to halt a debt crisis threatening economic growth.

However, the losses were pared down to 77 points at 11409, spurred by positive newsflow from Fitch affirmation of AAA credit rating for U.S. and better-than-expected July housing starts and industrial productions reports

Despite a 0.7% profit taking retracement, overall technical readings remain positive for further rebound towards our envisaged relief rally targets at 11555 and 11740 (50% FR).

Dow Jones Daily: Positive Technicals Still Bode Well For Further Upside Towards Relief Rally Targets Near 11555-11740 Points


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