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© Bulbrokers AD |
Wall Street pulls back after taking profits.
Stocks pulled back on Wednesday as investors hold down the enthusiasm the Tuesday’s big market rally. The day was poor of economic data and the market focused its attention on corporative news. Positive signs came from Morgan Stanley which posted better-than-expected results and reduced concerns about the investment banking sector. Morgan Stanley's earnings indicated that the bank is relatively healthy like Lehman Brothers Holdings Inc. and Goldman Sachs & Co., rather than at risk of failure like Bear Stearns Cos. Meanwhile, additional positive news for the financial sector came from Visa Inc., made the largest initial public offering in US history in late Tuesday, succeeded to sell 406 million shares at 44 dollars per share collecting 17.9 billion dollars. The world's largest credit card processor is not a lender, and many investors are betting that it will easily survive the faltering US economy and credit climate. The stock traded up 34 % to 59.04 dollars per share. Morgan Stanley rose 5 % to 45 dollars per share. Lehman fell 5.5 % to 43.94 dollars per share, while Goldman slipped 2.4 % to 171.40 dollars per share.
TECHNICAL OVERVIEW
DOW JONES
Dow started on positive territory and initially tested the key resistances level at 12 450, which is 38.2% fibo-retracement of 13 773 – 11 643 decline. The test was unsuccessful and the index saw strong selloff, which turned it back under its first support level at 12 150. On the downside next support is seen at 12 000, followed by 11 870 and 11 740. On the upside next resistance is seen at 12 150, followed by 12 300 and 12 450.
DOW JONES (chart)
| Support | 12 000 | 11 870 | 11 740 |
| Resistance | 12 150 | 12 300 | 12 450 |
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Dow daily report 20.03.2008.pdf, 145 Kb
