Oil Takes a Breather
12th May 2008
The first drop in the price of Oil and some good news in the Technology sector inspired the stock market today. The DJIA decided to bounce off of the support of its 20 day MA and the 12, 750 level it was sitting at on Friday’s close. The S&P 500 and the NASDAQ both bounced off of their 20 day MAs as well. Volume was nothing special, so we’ll have to wait and see if the bulls have enough energy to push stocks through their 200 day MA and change the tone from a bear market rally to a new bull market.
JD