Wednesday, October 18, 2006

 
Daily Market Commentary


Updated Tuesday, 10/17 for Wednesday's market's
market


Key DOW Levels for 10/16

UP

Above 12,000

DN

Below 11,875


V-Bottom Reversal

- Dow sells off sharply at Open, but recovers bulk of losses with v-bottom reversal. The index held firmly at 11,900 and eventually rode a solid v-bottom reversal back toward the day's highs for a much smaller 31 point loss for the day.

- The NASDAQ and S&P each sold off heavily to begin the day, but staged impressive recoveries to the Close. Each index could be on the verge of an even greater breakout move soon.

Summary

The Dow ended the day with a modest loss after selling off sharply to begin the session. The index looks to be winding up within a very large consolidation pattern at the highs, which we will continue to watch closely for big movement.

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