Monday, January 24, 2005

Bleak Monday

The bears continue to grip 2005 and I'm not liking it one bit. Tech ate dogmeat as a newfound concern over oil prices and interest rates grabbed investor attention. What a surprise. I think people overemphasize the effect geopolitics has on the market, but the looming Iraq electon is certainly not helping.

The psychologically prominent Nasdaq 2000 barrier is hitting newscasts once more--that number continues to hold sellers in place.
[BRIEFING.COM] The market opened higher in the wake of solid quarterly results and worries over an oversold market, but traded in split fashion most of the day only to close at new lows for the fourth consecutive session... Overall sentiment, despite showing early promise yet again, remained cautious due to ongoing fears related to decelerating earnings growth which prompted further consolidation and pushed the market averages through key technical levels to their lowest levels of the day... Crude oil ($48.81/bbl +$0.28), closing at its highest level in nearly two months, also added pressure to equities throughout the session... The commodity climbed in response to higher demand for heating oil following heavy snowstorms across the Northeast as well as uncertainty ahead of the Iraqi elections and OPEC's meeting on Jan 30... Despite virtually every sector attracting buyers at the open, follow through from sellers kept gains minimal most of the day and closed most sectors in negative territory...

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