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Strategies & Market Trends : Ask DrBob
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To: Drbob512 who started this subject8/31/2000 4:12:17 AM
From: Bobber1234   of 100058
 
The siXer Market Commentary

Wednesdays US markets were sluggish as Dow retreated for the second day in a row, losing 112 points to close at 11103 and Nasdaq gained 21 points to close at 4103.

As Labor Day approaches near, markets seems to be trend less on a light volume. Many traders are either side-lined or off before the Fridays Unemployment report. Analysts expect the side-lined money to comeback into the markets after Labor day. (That would be next Monday so that means load up on Friday).

On NYSE, Advancers equaled Decliners with 818M shares and on Nasdaq, Advancers beat Decliners by 21 to 19 with 1.59B shares.

Dow lost 112 points to close at 11103, just above the key support level. Dow retraced back into its trading channel and trading below the upper trend line at 11100. Trading below this level is a bearish signal and could test the psychological support at 11000.
If Dow reverses, look for resistance around 11230-11250 area.

Nasdaq gained 21 points and trading above the key
resistance level of 4100. Nasdaq appears to be picking up some momentum but on a relatively lighter volume. Nasdaq could trade in a trading range (4050-4200) for the next few days but could continue its upward momentum after the labor day.

Thursdays markets could be active and cautious as traders prepare for the Fridays employment report.
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