Wednesday, December 20, 2006
Daily Market Commentary
Updated Tuesday, 12/19 for Wednesday's market.
Drop and Pop...
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Updated Tuesday, 12/19 for Wednesday's market.
| Key DOW Levels for 12/20 | |
| P | Above 12,500 |
| DN | Below 12,375 |
Drop and Pop...
- Dow sells off sharply at Open, but recovers with strong rally to the Close. The index then proceeded to rebound from the day's lows and eventually reeled off a solid 95 point rally to end the day at all-time highs and with a 30 point gain.
- The NASDAQ and S&P each bounced solidly higher from the opening lows today, making for a nice recovery. However, the NASDAQ continues to lag after yesterday's huge decline. Watch the current ranges for the next key move.
Summary
The Dow closed the day with a modest gain after rallying sharply from the day's lows, which was quite a move. However, the index stopped short of key resistance at 12,490, which we will continue to watch. As long as the Dow can remain above 12,360, there's a very good chance of continued overall bullishness. Keep an eye on 12,400 for early weakness.
- The NASDAQ and S&P each bounced solidly higher from the opening lows today, making for a nice recovery. However, the NASDAQ continues to lag after yesterday's huge decline. Watch the current ranges for the next key move.
Summary
The Dow closed the day with a modest gain after rallying sharply from the day's lows, which was quite a move. However, the index stopped short of key resistance at 12,490, which we will continue to watch. As long as the Dow can remain above 12,360, there's a very good chance of continued overall bullishness. Keep an eye on 12,400 for early weakness.
Read More...
