每日市场点评 - Oct 3, 2007

It is not surprising to see the market pulled back somewhat after Dow going straight up for more than 1500 points. Nasdaq was hit particularly hard as a Morgan Stanley analyst issued sell ratings for several chip companies. Micron's so-so earnings didn't help the most influential sector within tech either. Several emerging markets, including Hongkong and Brazil, are selling off noticeably. It's always difficult to tell whether that's due to pure profit taking or simply we have seen the peak. Most emerging markets are not driven by fundamentals long time ago. Instead, money inflows and investor confidence are the keys to sustain them. Both Oil price and Gold price moved little in today's market. US dollar got strengthened against several major currencies. As I mentioned previously, I think US dollar is currently trading at its bottom area so don't expect it to move much lower. If there is one thing that keeps reminding investors of what happened 20 years ago it is the VIX, which remains at an elevated level. As Friday will bring this week's most important economic news, the market could be in a relatively quiet mode tomorrow, which is not a bad thing for the bulls.