Wednesday, August 09, 2006

 
Daily Market Commentary

Updated Tuesday, 8/8 for Wednesday's
market


Key DOW Levels for 8/9

UP

Above 11,300

DN

Below 11,125


Late-Day Decline

- Dow trades quietly throughout session, but gets late-day sell-off to the Close. The index broke through 11,200 and eventually pushed down to the Close for a 46 point loss.

- The NASDAQ and S&P each reversed from late-day highs en route to steady weakness to the Close. Each index continues to hold above clear support, which will be our focus tomorrow.

Summary

The Dow closed the day sharply lower from the highs of the day after another failed attempt at 11,300 sent the index tumbling. The index is now holding above key support at 11,085, which we will watch for the next big medium term move.

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