Energy prices continued to go up and so are energy stocks because two hurricanes had really hampered productions in the Gulf Coast for oil, oil refinery, and natural gas. But market showed resiliency today amid these high energy prices. Dow was up 17 pts, Nasdaq down 1 pt, and S&P up 1.2 pt. Technically speaking, we are in a short term bearish trend. Both Dow and S&P is bumping up against the 22 day EMA. Will the indexes turn down and continue its bearish trend? I think so until the market tells me that I’m wrong.

Genentech up sharply today and bounce up from the $80 support, because the market realized DNA’s 415 patent review could take years, so in the meantime other companies still have to pay for the licensing fee.

I’m taking a closer look at Research in Motion and Apple tomorrow because Apple is down sharply today and RIMM is down heavy in the after hour.

This entry was posted on Wednesday, September 28th, 2005 at 8:53 pm and is filed under Market Recap, Stock Market. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.