Trendless day

6/23/08

As oil summit held past weekend, the result that Sandi is going to produce 200 thousand more per barrels per day starting July. Well, this news has no effect on today crude oil future price. Citi bank and Goldman Sachs are going to cut 10% workforce on their investments banking unit. Again, financial give pressure on today market. Technically, Nasdaq is closed at recent suuport 2380-2390. Dow and S&P both form Doji candlestick pattern after big down day friday. It kinda hints bulls and bears are battling around. I still expect narrow trading day tomorrow as all market participants are waiting the FOMC decision Wednesday. But if the Dow slide below 12740 tomorrow as well as S&P down, it would make a different story.
After market close, UPS posted their earning and announced lower earning expectation as same as Fedex. Nothing surprise if more corporations are going to lower their earning estimate on 2nd half of this year. So is the US economy and stock markets are going lower.