Underneath today’s generally strong performance on the KLCI was a lot of “choppiness” i.e. there were a lot of counters displaying “hanging men” or “doji” formations. This means that a lot of people were actually getting out of the market whom I think are the weak bears. With those getting out of the market, we are left with the people who are still in positions who either hung on or bought into today. They will be feeling encouraged. Therefore I expect the market to gradually inch upwards because I don’t think that many will sell at this level (I expect greater to temptation to sell at 1200 - 1250, which is where the real resistance is.). As per my previous post, I do expect the bulls to attempt another comeback, and I will position by buying into some stock at this level (I like PPBOIL right now), but I will not load up yet, as I think that there will be a greater opportunity to come later on. Will still keep to around 30% - 70% cash equity allocation.
News
- Malay Tamils granted land for Bangsar temple
- Malaysian Indian political leaders to attend
- Increase in number of Indians students in Malaysia
- Anwar renews pledge to topple government
- Malaysian Muslims plan boycott of American goods
- Illegal exports endanger box turtles in Malaysia
- Malaysian box turtle in in peril
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Stock Quotes
| DJIA | 8744.45 | ||
| 000001.SS | 1924.01 | ||
| ^STI | 1880.58 | ||
| ^KLSE | 0.00 | ||
| ^BSESN | 9586.88 |
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