Tuesday, November 20, 2007

Bull vs. Bear.

We started today trading session well up ahead FED meeting. Nevertheless NASDAQ Composite lost all gains (+1,5%) and in fact reverse its performance to -1,5%. But it is not the end of our volatile session as index is unchanged now.
There are no hopes for lowering interest rates as record crude oil prices are pushing inflation.
Market behaviour is highly dependent on DOW support at 12800 which was April's high plus August's low. I believe many traders are opening long position with protective stop losses. Also NASDAQ composite is touching support level (200 moving average).


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