Update 12/08/2014
Mixture of Geopolitical concerns dictate the overbought and send the saturated market a clearer short term correction.
Be it Obama's airstrikes on rebel positions in Iraq; Russia and EU Tit- for-Tat sanctions and the former massing of troops along their border, intimidating the market and Ukraine. Over at the Asia side,
On DJI, Rising wedge pattern was seen in July and confirmed and broke down after one after another geopolitical concerns. DJI is currently supported @ around 16300 level. If broken, we could expect another 300 pts drop and test the 16000 level. White lines are its support levels
On our local market, main driver for our current were DBS, Singtel and a few other bigger cap stocks. At the moment, OCBC seems to be leading the charge and could potentially go much higher before its XD date. Other than that, I am actually more downwards biase towards our local market. "There isn't much "hidden buying"....lololol...sry. Anyway, not much of participation..We probably need this sturborn 3300 support level to break so that we have at least a wider room for our index to be traded, if any. Like I have been advocating to my clients on the big cap stocks, you can "sell into strength" and wait for panic to buy them back.
On our local small/penny stocks, due to increased bad sentiment fromt he bigger caps, the penny stocks/mid/small caps got affected as well with little to no participation literally. Volume is fking bad but as share price drips lower, I do anticipate a Mirach Energy /or Artivison (small cap leader )to lead and improve sentiment on a daily basis. However, I do not advocate investing/ trading in them . If you are holding onto any weak stocks and have been going lower, do avoid averaging down.
Be it Obama's airstrikes on rebel positions in Iraq; Russia and EU Tit- for-Tat sanctions and the former massing of troops along their border, intimidating the market and Ukraine. Over at the Asia side,
On DJI, Rising wedge pattern was seen in July and confirmed and broke down after one after another geopolitical concerns. DJI is currently supported @ around 16300 level. If broken, we could expect another 300 pts drop and test the 16000 level. White lines are its support levels
On our local market, main driver for our current were DBS, Singtel and a few other bigger cap stocks. At the moment, OCBC seems to be leading the charge and could potentially go much higher before its XD date. Other than that, I am actually more downwards biase towards our local market. "There isn't much "hidden buying"....lololol...sry. Anyway, not much of participation..We probably need this sturborn 3300 support level to break so that we have at least a wider room for our index to be traded, if any. Like I have been advocating to my clients on the big cap stocks, you can "sell into strength" and wait for panic to buy them back.
On our local small/penny stocks, due to increased bad sentiment fromt he bigger caps, the penny stocks/mid/small caps got affected as well with little to no participation literally. Volume is fking bad but as share price drips lower, I do anticipate a Mirach Energy /or Artivison (small cap leader )to lead and improve sentiment on a daily basis. However, I do not advocate investing/ trading in them . If you are holding onto any weak stocks and have been going lower, do avoid averaging down.
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