Thursday, August 18, 2011

Signs Of Bottoming Up For Dow Jones With Relief Rally Targets At 11555-11740 Points

Wall Street Recap: Dow Jones ends flat after a roller coaster ride
Despite dissatisfaction over efforts to find a solution to Europe's debt woes, Dow jumped as much as 124 points to 11530 (within our envisaged relief rally targets 11555-11740 points), helped by a handful of positive retail earnings by Staple and Target as well as defensive stocks in telecommunications, utilities and consumer staples, a sign of people looking for yield and safety.

However, Dow Jones experienced a volatile session as the index tumbled from +124 points to as low as 11322 (-84 points) before ending flat at 11410 (+4 points), as investors weighed against a bleak guidance by DELL, signs of rising PPI report and two Fed’s officials expressed concern about the amount of stimulus being applied to the economy.

Dow Jones: Signs Of Bottoming Up With Relief Rally Targets At 11555-11740 Points


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