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Friday, February 24, 2006 

Nasdaq will breakout or breakdown ?

Chart courtesy of stockcharts

Next week will be the key week for Nasdaq, because important macro economic news as GDP will be reported and could give us the right direction of this market. According to chart above, Nasdaq is trading in a short term downtrend channel, that could be break soon, so next will be very important for the markets.

Macro economic news reported on Friday

New orders for U.S. made durable goods plunged 10.2% in January as aircraft orders dried up after three months of strength, the Commerce Department reported. The decline was the largest since July 2000 and far exceeded the 2.5% drop expected by economists surveyed by MarketWatch. Orders in December rose a revised 2.5%, up from 1.8% previously reported. January's orders were 5.7% higher than in January 2005.

Bad News from Saudi Arabia

Saudi security forces have thwarted an attempted suicide attack at an oil processing facility in Eastern Saudi Arabia. Crude oil jumped more than $2 a barrel and close at

Economic Calendar for next week

Monday - New home sales
Tuesday - Gross Domestic Product (GDP) ; Consumer confidence ; NAPM - Chicago
Wednesday - Personal Income ; Construction Spending ; ISM Mfg Index
Thursday - Jobless Claims
Friday - ISM Non-Mfg Index ; Consumer confidence

That's All. Have a great weekend and enjoy the Carnival !!!


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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 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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