This Stock Market Hours Report is brought to you by Jason Ng, Founder, Master ‘O’ Equity

FUNDAMENTAL ANALYSIS
All eyes were on crude oil prices today (maybe because there was no major economic release todayto focus on?) as oil surged 2.1% to $66.27/bbl, putting some last minute pressure on the Dow. Energy stocks, however, got a boost from the higher crude price and lifts the Nasdaq Composite by over 20 points today. It is no surprise that crude oil prices have been rising all summer, that is why we do not see a crazy rush out of the market at all. Looking ahead, tomorrow’s crude inventory might be the deciding factor as to whether crude would move higher or stage a little retreat. My bet is that inventory might be lower than expected due to higher summer consumption. Well, numbers always have a way of surprising us and I would not put money on it until it comes to be.

TECHNICAL ANALYSIS
The Dow traded sideways today as it prepares for yet another step in the staircase formation. The Nasdaq composite seems to also be jumping in on the bullish bandwagon at last and that might give an overall boost to the rest of the indices, that is why we should see more gains from the Dow soon. Well, no surprises today with nothing out of the ordinary. Market remains bullish.

The Star Trading System continues to put on an extremely bullish stance with an avalanche of morning stars. Looks like this rally has yet seen its end.

Thought For The Day : “Rules Are The Chains Within Which One’s Emotions Must Be Contained”

This Stock Market Hours Report is brought to you by Jason Ng, Founder, Master ‘O’ Equity

FUNDAMENTAL ANALYSIS
The Dow took a breather today, ending a 4 days rally with a 0.08% drop of 10.81 points as oil breaks the $65 per barrel level. Oil has been trading at a relatively low level coming into summer so a price surge is really not strange to see. Apart from that, most of the action today are actually technical driven as some investors take profit off the table. Let’s see what the technicals say…

TECHNICAL ANALYSIS
The Dow recovers it’s staircase formation today as it traded sideways on low volume. It sure seems like the 10 May drop was a fake out and that the correction in the Nasdaq composite doesn’t seem like it is going over to the Dow at all. Short term momentum for the Dow has also started picking up again. I hope the Dow muster enough energy to bring the Nasdaq composite up quickly or else it might be the one to get brought down by the Nasdaq composite instead. The Nasdaq composite’s correction should also be coming to an end soon as it finds support at its 30days MA.

The Star Trading System seems to see another bout of rally coming as it floods us with morning stars again.

Thought For The Day : “There are no place for soothsayers in the market.”