Stock Market Summary Tuesday July 10th 2012

Posted by Stephen Sutherland on Tue, Jul 10, 2012 @ 11:18 AM
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Yesterday's market action was positive.

Although the Nasdaq dropped for the second day running pulling back a further 0.19%, volume once again came in on the tame side indicating a reluctance to sell by the big players(Point A).

Another positive was the US tech index once ended the day off its lows indicating an unwillingness to be pushed down further (Point B).

It was a similar picture with the S&P 600; it bullishly reversed off its intraday lows ending the day close to its session high (Point C).

Russia and global materials underperformed, India matched the market.

Leading stocks action was neutral.

Although the markets once again pulled back slightly this was to be expected. If we take a look at the Nasdaq it had just had six days of consecutive gains (Points D), so a pullback was on the cards.

If the Nasdaq does pullback further from this point I would ideally like to see it finding support at its 50 day moving average (Point E). 

Please note past performance should not be used as a guide to future performance, which is not guaranteed. Investing in the Funds should be considered a long-term investment. The value of the investment can go down as well as up and there is no guarantee that you will get back the amount you originally invested.

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Topics: Stock Market Summary