Wednesday, September 7, 2011

Dow Jones Daily: A Close Below The Recent Up-Trend-Line (UTL) Will Spook More Downside To Retest 10640

Wall Street Outlook: Dow Jones pares losses to 101 points from -308 points intraday
Post Labor Day holiday, the Dow played catch-up with global equity losses following a major sell-off in Europe markets on 5 September amid worsening outlook for Italy and increasing pessimism about lawmakers' ability to deal with the Europe debt crisis.

The Dow Jones plunged as much as 308 points intraday before paring its losses to 101 points at 11139 following a better-than-expected August ISM services index of 53.3 (consensus: 51), as well as unexpected move by the Swiss National Bank to depress the franc (1.20 Swiss francs against the euro), which had rallied as a safer alternative to the euro and dollar.

Major events for the rest of the week are Beige Book report (7 September) and weekly jobless claims (8 September), followed by a highly anticipated speech from Obama on 8 September.

Dow Jones Daily: A Close Below The Recent Up-Trend-Line (UTL) Will Spook More Downside To Retest 10640
DowJones07-09-2011



Source: StockCharts.com

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