Post Reply
1-1 of 1
Today's market opened in the green, probably due to the positive showing of the DOW.
@ the end of 9:30am, most stocks were in the green. In particular, the SGX surged to 6.56, around this time.
@ 11:30am, most stocks faltered, but were still stably in the green, probably on profit taking.
@ 2:30pm, there was a sudden un expected down turn. In partcular, First Resource fell thru it's support of $1.10, all the way to as low as below the dollar.
@ 4:10pm, the market edged up into the green zone by 10 pts. (note that DOW also closed in the green after a roller coaster ride in the red zone the night before)
Interesting counters to note:
The bashing of Chinese shares shows no signs of abating. It's better to hold now, though expect to do so for a long time.
YZJ in particular touched sub 80 cents. The support has broken? I personally do not expect it to revisit the sub 80cents level again this week.
Overall: In anticipation of FED rate cuts tonight, I expect First Resource to open stronger tml morning. Already it has been trading in the $1.10-$1.20 band since recovery from the corruption scandal. Now with the impending Fed rate cuts and the fact that there are still many buyers @ $1.02-$1.03 @ 4.18pm, tomorrow will be a better day.
** Caution, the above is just my opinion, and I am vested in those counters I mentioned (which is why I bother monitoring them the whole day). Also First Resource is a potential minefield, so don't just listen to me.