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Choppy Trade for Next 10 Days

3 mins·23:34, 17 Aug 2011
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Choppy Trade for Next 10 Days

3 mins
·
23:34, 17 Aug 2011
·

Daryl Guppy, CEO/ founder of Guppytraders.com discussed

- volatility in the US markets - less to some extent as Fitch reaffirmed US' AAA credit rating with a stable outlook

- choppy trade expected for next week or 10 days.

support and resistance levels for US stock markets:

DOW: 12,100 - 10,600

NASDAQ: 2,600 - 2,300

S&P 500: 1,270 - 1,130

- when he expects bulls to return to the markets - bears on the ascent at the moment, not likely to turn around so quickly in Q4, due to substantial economic weakness.

- crude oil- support at $78, resistance at $88. still in broad longer term uptrend.

 Crude oil dropped, bring its decline this month to 9.5 percent, after Germany’s economy almost stalled in the second quarter, bolstering concern that fuel consumption will diminish.

- crude palm oil - still very bearish, long term downtrend in pace. strong move towards support RM2,700.

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