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Tuesday, February 28, 2006 

Dowjones breakdown the 11000 support level

Chart courtesy of stockcharts

U.S. stocks closed sharply lower today after Bad News from Google and a mixed economic data.
The Dow Jones Industrial Average was down 104.14 points at 10,993.41, the S&P 500 dropped 13.49 points to 1,280.63 and the Nasdaq Composite ended down 25.79 points at 2,280.98.
Google fell 7% to $362.62 after it warned investors its revenue growth rates would slow, CFO Reyes told an investor conference that Google's growth will depend on further audience gains or moves into new markets instead of relying on improvements in its mainstay Web search advertising business, which drives over 97 percent of sales.
The 11000 level was insufficient to stop the selling pressure, so keep attention for the next support level in the Dowjones at 10960.

That's All. Have a great evening.

AC

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  • I'm a 43 year old Independent Trader using proprietary technical analysis with more than 18 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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