- 27
- Mar
by Jason Ng, Founder, Master ‘O’ Equity
Another neutral day at the market yesterday. Today, the Star Trading System continues to pour evening stars at us.
FUNDAMENTAL ANALYSIS
New home sales fell by 3.2% in February while oil price nears the $63 mark amidst tension in the middle east. Obviously the home market continues to be weak and expectedly so as real estate investors continue to be cautious in this very sensitive and weak sector. As for the rising oil price, I do not see it as a serious threat to the stock market yet as it has been expected to rise ahead of a higher demand summer. Tomorrow, we shall recieve the consumer confidence numbers and is again likely going to be a market mover.
TECHNICAL ANALYSIS
The Dow and the Nasdaq composite continue to close sideways today as they struggle to break their respective resistance levels. The 12500 level has proved to be a pretty strong resistance level as the Dow has failed that that level for 4 consecutive days. Most sideways movements following a surge should still see an inclination to upside should the trend be a strong one. Until more evidence points to the contrary, my take remains Baby bull (neutral with inclination to upside).
Thought For The Day : “Rules Are The Chains Within Which One’s Emotions Must Be Contained”
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