Thursday, March 03, 2011

US Markets Fell on 1 March 2011

Dear fellow traders,

On 1 Mar 2011 (Tuesday), with rising unrest in Libya and Mr Ben Bernanke, Head of the Federal Reserve, announcing that rising energy prices will affect the economy, the main US market indexes all fell.

On 1 Mar 2011, The Dow Jones Industrial Average shredded 168 points, or -1.38%, to 12,058. The S & P 500 Index also dropped 22 points (-1.57%) to close at 1,306.33. The 30 day simple moving average (SMA) for both indexes have been tested again. If the drop persists, the next support will be the 50 day SMA. If you have bullish positions, it’s advisable that you have stop loss in place for your positions.

Yours truly,

Tony Chai


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