Mixed Thoughts on Wall Street, Forex Pairs at Crossroads

View previous topic View next topic Go down

Mixed Thoughts on Wall Street, Forex Pairs at Crossroads

Post  harpal1980 on Wed Nov 04, 2009 2:07 am

After dropping at the start of the session, the major U.S stock indices managed to find support and climb back into positive territory. Investors experienced a volatile session yesterday as sentiment quickly flip-sided due to Buffets new transportation deal and upbeat results from Ford and GM. The major indices closed the session with an average gain of 0.3%

In one of his largest acquisitions ever, the market guru, Warren Buffet purchased the railway company Burlington Northern Santa Fe for $100 per share. Even though Buffet already had 22.6% of the company’s shares, he decided to go forward and purchase the remaining 77.4% for a whopping $44 billion.

The auto industry also showed positive signs yesterday as Ford sales increased by 2.6% thanks to its new fuel efficient cars. General Motors sales increased by 4.7%. Even though the auto industry helped to boost yesterday’s session, one must note that the recent figures were influenced by the cash for clunkers program.

From a technical point of view, the transportation index, known as a market leader, showed an enormous turnaround and climbed higher throughout the session. When taking a glance at the chart below one can see the enormous bullish candle accompanied by high volume. Even though yesterday’s session is classed as a positive sign for a broader market continuation, resistance lies at key levels, which could prevent the market from immediately climbing higher.



Read the full article at Dodjit.com

harpal1980

Posts : 106
Join date : 2009-06-19
Age : 36
Location : India

View user profile http://www.dodjit.com

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum