A Mixed Day on Wall Street, Australia Shows Further Strength, Two Decisions Ahead

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A Mixed Day on Wall Street, Australia Shows Further Strength, Two Decisions Ahead

Post  harpal1980 on Thu Oct 08, 2009 5:45 am

The U.S stock market had a rough day yesterday as traders failed decide which way to take the indices. As mentioned on yesterday’s video briefing the S&P500 (broader market index) is now stuck between trend line resistance and 50 day moving average support. In a mixed session, the major indices failed to present any major movement, hovering around their open. Most investors were waiting for the major event of the day, one that was scheduled to be released after the closing bell.

Alcoa kicked off earning season yesterday showing investors that despite the 2 year downfall the large cap, like other companies, is now slowly finding its feet. The stock jumped by 2.23% after the aluminum giant reported a surprise third quarter profit, ending three straight quarters of losses. The giants income of $77 million, 8 cents a share and topped analysts’ expectations.

From a technical point of view Alcoa climbed higher after touching its 50 day moving average at the end of last week. Even though this pair is forming higher lows and higher highs, a break above its recent higher will depend on the overall movement of the broader market.

Alcoa Daily Chart

Read the full article at Dodjit.com


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