Friday, June 09, 2006
Daily Market Commentary
Updated Thursday, 6/8 for Friday's market
Huge Reversal
Updated Thursday, 6/8 for Friday's market
| Key DOW Levels for 6/9 | |
| UP | Above 11,000 |
| DN | Below 10,750 |
Huge Reversal
- Dow v-bottoms and rallies over 200 points from intraday lows.
- The S&P and NASDAQ each got big bounces from intraday lows today and could be gearing up for even more strength. A huge reversal like today's can be highly indicative of further strength ahead.
Summary
The Dow closed the day with a huge 200 point rally from the day's lows today and actually closed the day with a gain. The index could be oversold in the medium term and we could be looking for a larger bounce. Watch the upper trend line at 10,975 for early signs of strength tomorrow; otherwise, a break below 10,850 will usher in more selling.
Read More...- The S&P and NASDAQ each got big bounces from intraday lows today and could be gearing up for even more strength. A huge reversal like today's can be highly indicative of further strength ahead.
Summary
The Dow closed the day with a huge 200 point rally from the day's lows today and actually closed the day with a gain. The index could be oversold in the medium term and we could be looking for a larger bounce. Watch the upper trend line at 10,975 for early signs of strength tomorrow; otherwise, a break below 10,850 will usher in more selling.
