STI rally sputtering

October 10, 2010 § Leave a comment

STI failed to close above 3160 on Friday. This is the level which gapped up previously to challenge 3200. The rally from 3100 was largely driven by blue chip laggards, namely the banks and oil rig builders. Stochastic has start turning down from overbought levels, indicating the retreat has just started. All these evidences point to a high possibility of a short term correction. Wall Street’s Friday gain would present a good opportunity for Singapore investors to sell into strength in the morning session. Even if the Singapore market has no gain, it would be wise to take profit or cut loss.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

What’s this?

You are currently reading STI rally sputtering at SPOCKS.


%d bloggers like this: