Sigh :)
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Pre-Market Open Commentary for 10 March 2010
DJIA: 10564.38 +11.86
Nasdaq Composite: 2340.68 +8.47
Following a choppy trading session, US stocks gained moderately on Tuesday as investors weighed corporate deals and news on corporate profits. Merck and Sanofi-Aventis merged their animal healthcare businesses to create a combined entity with a global market share of about 29% worth around US$19 bil while Cisco System introduced a new Internet router that will power the most heavily-trafficked parts of the web at twelve times the speed of its competitors. Further, Texas Instruments updated upwards its first quarter profit estimates to between 48 cents and 52 cents per share on revenue of US$3.07 bil to US$3.19 bil but investors took a “sell on news” approach which sent the share 2% lower.
Despite positive corporate news, the market was wary after stocks were pushed higher for three of the last four weeks. All the major indices ended only modestly higher with the Dow Jones Industrial Average gaining 0.11% while S&P 500 rose 0.17% to 1,140.44. Nasdaq composite gained 0.36%.
A host of economic news scheduled for this week will start releasing on Wednesday with the readings of January unemployment rate on a state-by-state basis, wholesale inventories and weekly crude oil inventories.
US light crude oil for April delivery dipped US$0.38 to settle at US$81.49 a barrel.
In Singapore today:
Following a lackluster performance on Wall Street on Tuesday, which coincided with the first anniversary of major stock indices falling to the lowest level in 2009, investors returned to the sidelines awaiting fresh leads. The STI traded within a tight range before ending 4.97 points higher at 2839.54. For every stock that gained, 1.22 fell. Overall market volume fell to a two-week low of 1.17 bil shares worth $1.21bil traded.
Shares of Straits Asia bounced 5 cents at $2.12 on talks of short covering in spite of the recent spate of downgrades and weaker coal prices. China Animal Healthcare rose 1.5 cent at 27cents on speculations that it may announce a contract win. Yanlord Land rose 6 cents to $2 on institutional demand as concerns about fresh measures to curb speculative demand ease.
Expect the local bourse to trade modestly firmer taking cues from overnight positive close on Wall Street. Reports of Japan’s core machine orders falling less-than-expected in January from the previous month which signaled that capital expenditure will continue to grow slowly in 2010 as manufacturer increase spending, supporting economic growth, will further underpin the market.
===
Mid Day March 10. Asian markets in lethargic range bound trading.
Asian markets traded in a lethargic range bound fashion as US markets locked modest gains overnight. Traders while less pessimistic about the near term were still lacking conviction in a big way, judging from the volumes traded. `No one is being greedy, if you make money, just sell' a dealer enthused. The STI index rose 21.86 points at 2861.40 points. For every stock that fell, 2 rose. Turnover was 876mil shares with a value of $834mil traded.
Stocks are not dropping; but they are not surging either. `We have probably settled to normal trading patterns. There may be some resistance now but people need to ask, `what if we take out these resistance' a dealer mused.
Then again, investors who had sold and waiting for their `elusive lower entry levels' may soon run out of patience. Tiger Airways got another boost (recent buy call from a foreign broker) when a local broker recommended buy with a target of $2.10. The stock rose 9 cents at $1.71.
Yanlord Land rose 8 cents at $2.08 on institutional interest as concerns about further monetary tightening in China eased. Palm Oil issues rose on media reports that demand will outstrip supply this year due to El Nino effect and Asian consumption. Shares of Wilmar, IndoAgric, Golden Agric and First Resources rose between 2 and 14 cents. Rotational play here boost shares of Z-Obee, China Environment, Pac Andes and Otto Marine between 1 and 3 cents.
On the balance, shares of OUE, STX Pan Ocean, UOL, Leeden, Kim Eng and Amara eased between 1 and 90 cents.
----------
Market close March 10. STI continued upward climb
The STI index continued its upward climb, closing 22.75 points higher at 2862.29 points. For every stock that fell, 2 rose. Turnover was 1.65bil shares with a value of $1.55bil traded.
While stock valuations appear rich, investors who had sold earlier and are waiting for lower entry levels may find themselves frustrated.
Tiger Airways got another boost (recent buy call from a foreign broker) when a local broker recommended buy with a target of $2.10. The stock rose 8 cents at $1.70.
Yanlord Land rose 4 cents at $2.04 on institutional interest as concerns about further monetary tightening in China eased. Palm Oil issues rose on media reports that demand will out strip supply this year due to El nino effect and Asian consumption. Shares of Wilmar, IndoAgric, Golden Agric and First Resources rose between 2 and 14 cents. Rotational play boost shares of Z-Obee, China Environment, Pac Andes and Otto Marine between 1 and 3 cents.
On the balance, shares of OUE, Sp Land, STX Pan Ocean, Cortina a n d SIA Engg, eased between 4 and 18 cents.
====
Wednesday, March 10, 2010
Tuesday, March 9, 2010
9 Mar 10 : Shorted EUR/USD for 50 pips profit
Shorted EUR/USD after Euro opening to secure 50 pips. Has been making lower high and lower lows so I am biased towards a short. Nice trade :)
9 Mar 10 : Yanlord Goes Up to $2.02
Of course, this has to happened. After a few days of seeing it fail to clear $1.94/$1.95, and hence selling my position at $1.94 yesterday, my dear friend, MR Yanlord (or is it Miss Yanlord or Mrs Yanlord) decided to play fool with me. In the afternoon, it broke past $1.95 easily to reach as high as $2.02.
Brilliant. I have a dating problem with Yanlord :)
On a more serious note, NOL price action worries me. It hit a high of $2.00 then in the last ten or fifteen minutes, returned back to $1.95. Worrying...
========
Pre-Market Open Commentary for 09 March 2010
DJIA: 10552.52 -13.68
Nasdaq Composite: 2332.21 +5.86
US stocks drifted and ended with little change on Monday as investors weighed corporate deals, a stronger greenback and weaker commodity prices ahead of key economic news scheduled for later this week. The market was underpinned by corporate deals including MetLife agreeing to buy AIG’s American Life Insurance unit, Alico, in a US$15.5bil cash-and-stock deal, which will leave AIG as MetLife’s second-largest shareholder with stake of over 20% in the company. Separately, Royal Dutch Shell and PetroChina have made a bid to buy Australia’s Arrow Energy for US$3.0 bil in a cash-and-stock deal; currently Royal Dutch Shell already owns a 10% stake in Arrow.
The major indices ended mixed with the Dow Jones Industrial Average losing 0.13% while S&P 500 was largely unchanged, dipping 0.02% to 1,138.50. Nasdaq composite managed to close at an 18-month high, gaining 0.25%.
The market is looking to a host of economic news which will only pick up later this week with the release of January unemployment rate on a state-by-state basis on Wednesday, weekly jobless claims on Thursday and retail sales on Friday.
US light crude oil for April delivery rose US$0.37 to settle at US$81.87 a barrel.
In Singapore today:
Upbeat US jobs data boosted the Asian bourses which registered the strongest gains in a month. The Nikkei gained 2.1% while Kopsi Index rose 1.6% and Taiex was up 1.3%. Local bargain hunters plunged back into the market snapping up banks and other blue chips, propelling the STI 44.28 points, or 1.6%, higher to 2834.57. For every stock that fell, 2.07 gained. Turnover was 1.46bil shares with a value of $1.57bil traded.
Genting Singapore shares extended gains, adding 1.5 cents at 92 cents as investors cheered the expected opening of Universal Studios on March 18th. Shares of CWT and ARA rose 2.0 cents and 1 cent at 97.5 cents and $1.13 respectively as investors stayed bullish ahead of the impending listing of their Cache Logistics Trust unit.
Resource stocks rose as the economy recovery outlook improved. Shares of Straits Asia, Noble Group, Wilmar, Olam and Golden Agric rose between 1 and 11 cents.
Expect the local bourse to be range-bound today taking leads from the subdued overnight close on Wall Street and as investors look to a host of US economic news scheduled later this week for further confirmation that US economic recovery is on track.
=======
Mid Day March 9. Asian markets meandered lower in tight range.
Wall Street took a breather yesterday and with the anniversary of last year's low around the corner, traders reckoned the market could take a few steps back on profit taking. After yesterday's rousing start, Asian markets meandered lower in a tight range as traders saw a tentative lull on consolidation. The STI index rose 2.09 points at 2836.80 points. Market breadth was flat at best while the majority of issues were unchanged. Turnover was 639mil shares with a value of $610mil traded.
Dealers reported a quiet start to Tuesday with most investors sidelined, awaiting fresh leads. While there was some profit taking, `prices have not touched levels that would entice sufficient buying participation' a dealer noted. Shares of Straits Asia bounced 5 cents at $2.12 on talks of short covering in spite of the recent spate of downgrades and weaker coal prices.
China Animal Healthcare rose 1 cent at 26.5 cents on speculations that it may announce a contract win. Yanlord Land rose 4 cents at $1.98 on institutional demand as concerns about fresh measures to curb speculative demand ease.
On the balance, shares of Biosensors, Genting Singapore, Best World, SIA, UOB, DBS, City Developments, Hyflux, Orchard Parade, China Fishery group and OCBC bank eased between 2 and 30 cents.
-------
Market close March 9. STI closes flat in listless trading
Caution prevailed after yesterday's rousing start, Asian markets meandered lower today in a tight range as traders saw a tentative lull on consolidation. The STI index rose 4.97 points at 2839.54 points. Market breadth was skewed to the negative. Turnover was 1.17bil shares with a value of $1.2bil traded.
Dealers reported a quiet start to Tuesday with most investors sidelined, awaiting fresh leads. While there was some profit taking, `prices have not touched levels that would entice sufficient buying participation' a dealer noted.
Shares of Straits Asia bounced 5 cents at $2.12 on talks of short covering in spite of the recent spate of downgrades and weaker coal prices.
China Animal Healthcare rose 1.5 cent at 27cents on speculations that it may announce a contract win. Yanlord Land rose 6 cents at $2 on institutional demand as concerns about fresh measures to curb speculative demand ease.
On the balance, shares of APB, SIA, UOB, DBS, City Developments, Venture, F&N, Ho Bee and Sp Land eased between 4 and 22 cents.
Brilliant. I have a dating problem with Yanlord :)
On a more serious note, NOL price action worries me. It hit a high of $2.00 then in the last ten or fifteen minutes, returned back to $1.95. Worrying...
========
Pre-Market Open Commentary for 09 March 2010
DJIA: 10552.52 -13.68
Nasdaq Composite: 2332.21 +5.86
US stocks drifted and ended with little change on Monday as investors weighed corporate deals, a stronger greenback and weaker commodity prices ahead of key economic news scheduled for later this week. The market was underpinned by corporate deals including MetLife agreeing to buy AIG’s American Life Insurance unit, Alico, in a US$15.5bil cash-and-stock deal, which will leave AIG as MetLife’s second-largest shareholder with stake of over 20% in the company. Separately, Royal Dutch Shell and PetroChina have made a bid to buy Australia’s Arrow Energy for US$3.0 bil in a cash-and-stock deal; currently Royal Dutch Shell already owns a 10% stake in Arrow.
The major indices ended mixed with the Dow Jones Industrial Average losing 0.13% while S&P 500 was largely unchanged, dipping 0.02% to 1,138.50. Nasdaq composite managed to close at an 18-month high, gaining 0.25%.
The market is looking to a host of economic news which will only pick up later this week with the release of January unemployment rate on a state-by-state basis on Wednesday, weekly jobless claims on Thursday and retail sales on Friday.
US light crude oil for April delivery rose US$0.37 to settle at US$81.87 a barrel.
In Singapore today:
Upbeat US jobs data boosted the Asian bourses which registered the strongest gains in a month. The Nikkei gained 2.1% while Kopsi Index rose 1.6% and Taiex was up 1.3%. Local bargain hunters plunged back into the market snapping up banks and other blue chips, propelling the STI 44.28 points, or 1.6%, higher to 2834.57. For every stock that fell, 2.07 gained. Turnover was 1.46bil shares with a value of $1.57bil traded.
Genting Singapore shares extended gains, adding 1.5 cents at 92 cents as investors cheered the expected opening of Universal Studios on March 18th. Shares of CWT and ARA rose 2.0 cents and 1 cent at 97.5 cents and $1.13 respectively as investors stayed bullish ahead of the impending listing of their Cache Logistics Trust unit.
Resource stocks rose as the economy recovery outlook improved. Shares of Straits Asia, Noble Group, Wilmar, Olam and Golden Agric rose between 1 and 11 cents.
Expect the local bourse to be range-bound today taking leads from the subdued overnight close on Wall Street and as investors look to a host of US economic news scheduled later this week for further confirmation that US economic recovery is on track.
=======
Mid Day March 9. Asian markets meandered lower in tight range.
Wall Street took a breather yesterday and with the anniversary of last year's low around the corner, traders reckoned the market could take a few steps back on profit taking. After yesterday's rousing start, Asian markets meandered lower in a tight range as traders saw a tentative lull on consolidation. The STI index rose 2.09 points at 2836.80 points. Market breadth was flat at best while the majority of issues were unchanged. Turnover was 639mil shares with a value of $610mil traded.
Dealers reported a quiet start to Tuesday with most investors sidelined, awaiting fresh leads. While there was some profit taking, `prices have not touched levels that would entice sufficient buying participation' a dealer noted. Shares of Straits Asia bounced 5 cents at $2.12 on talks of short covering in spite of the recent spate of downgrades and weaker coal prices.
China Animal Healthcare rose 1 cent at 26.5 cents on speculations that it may announce a contract win. Yanlord Land rose 4 cents at $1.98 on institutional demand as concerns about fresh measures to curb speculative demand ease.
On the balance, shares of Biosensors, Genting Singapore, Best World, SIA, UOB, DBS, City Developments, Hyflux, Orchard Parade, China Fishery group and OCBC bank eased between 2 and 30 cents.
-------
Market close March 9. STI closes flat in listless trading
Caution prevailed after yesterday's rousing start, Asian markets meandered lower today in a tight range as traders saw a tentative lull on consolidation. The STI index rose 4.97 points at 2839.54 points. Market breadth was skewed to the negative. Turnover was 1.17bil shares with a value of $1.2bil traded.
Dealers reported a quiet start to Tuesday with most investors sidelined, awaiting fresh leads. While there was some profit taking, `prices have not touched levels that would entice sufficient buying participation' a dealer noted.
Shares of Straits Asia bounced 5 cents at $2.12 on talks of short covering in spite of the recent spate of downgrades and weaker coal prices.
China Animal Healthcare rose 1.5 cent at 27cents on speculations that it may announce a contract win. Yanlord Land rose 6 cents at $2 on institutional demand as concerns about fresh measures to curb speculative demand ease.
On the balance, shares of APB, SIA, UOB, DBS, City Developments, Venture, F&N, Ho Bee and Sp Land eased between 4 and 22 cents.
Monday, March 8, 2010
8 Mar 10 : Out of Yanlord at $1.94
In at $1.76. Out at $1.94. I dun like the way it keeps hitting $1.94/$1.95 and not dash past it for the past week. I think this is a major resistance. Fundamentally, it is a China stock and I am not very comfortable holding China related stock for too long. I will watch out and see whether it make sense to get in again. There is a high chance it might go up due to major players but I am not willing to play with it. From a technical point of view, I am happy the head and shoulder formation did breakout nicely. Happy with the gains :)
==========
Pre-Market Open Commentary for 08 March 2010
DJIA: 10566.20 +122.06
Nasdaq Composite: 2326.35 +34.04
US stocks surged last Friday following an upbeat government report that showed employers cut fewer-than-expected positions in February, with a net total of 36,000 jobs cut, against expectations of a 68,000 jobs lost, from a cut of 26,000 jobs in January. Further, the unemployment rate held steady at 9.7%, ahead of expectations of a rise to 9.8%. On the corporate front, there were also upbeat corporate news with Apple releasing its highly-anticipated iPAd tablet computer on 3 April 2010 and Broadband agreeing to be taken private by ABRY Partners in a deal worth US$536 mil in cash plus debt.
For the week, all the major indices ended higher. The Dow Jones Industrial Average gained 2.33% and S&P 500 climbed 3.10% to end at 1138.70. Nasdaq composite rallied 3.94%.
It will be a light week ahead for economic news which only picks up on Wednesday with the release of January unemployment rate on a state-by-state basis, readings on wholesale inventories and weekly crude oil inventories.
For the week, US light crude oil for April delivery rose US$1.84 or 2.30% to settle at US$81.50 a barrel.
In Singapore today:
The Singapore bourse was buoyed by positive local corporate news and brighter prospects overseas. Market sentiment was lifted was led by better-than-expected reports on manufacturing, retail sales, inflation and the labour market in the US and allaying fears over the European debt crisis. On the local front, news of the opening of Universal Studio at the Sentosa integrated resort on 18 March 2010 brought optimism that Genting may turn profitable this year, which lured traders to trade up the stock. The STI index added 21.59 points to 2790.29. For the week, the STI gained 39.43 points, or 1.43%.
Expect the local bourse to trade stronger taking cues from the strong positive close on Wall Street last Friday and in light of more signs of economic recovery surfacing. However, going forward, it will require a few more months of positive economic signals to convince the market that the recovery is on a sustainable tract.
=========
Mid Day March 8. Asian markets jolted by friday's upside.
Asian markets got a lift from Friday's benign non-farm payrolls that sent bears scurrying to cover their short positions. After weeks of darting about aimlessly in a narrow range, Friday's upside jolt had some wondering if a retest of the January high is now on the cards. The STI index rose 35.46 points at 2825.75 points. For every stock that fell, 3 rose. Turnover was 814mil shares with a value of $835mil traded.
There seems to be a notable change in sentiments today. One broker now sets their sight on the STI index challenging 2860 or even 2930 `before finding resistance'. Recent cautiousness has investors largely sidelined. A dealer reasoned that with the recovery underway, any chance of a large fall would be buy opportunities. `For a start, fund managers didn't buy a lot of shares, so eventually, they will have less to sell'. Genting Singapore shares extended gains, adding 1cent at 91.5 cents as investors cheered the expected opening of Universal Studios on March 18th. Shares of CWT and ARA rose 2 cents at 98 and $1.14 respectively as investors stayed bullish ahead of the impending listing of their Cache Logistics Trust unit.
Resource stocks rose as the economy recovery outlook improved. Shares of Straits Asia, Noble Group, Wilmar, Olam and Golden Agric rose between 1 and 11 cents. On the balance, shares of SIA, City Dev, and Mandarin Oriental eased between 3 and 14 cents.
=====
Market close March 8. Positive start to the trading week
Asian stocks had a good start to the trading week and for the STI index, buying interest firmed further in the second session closing 44.28 points higher at 2834.57 points. For every stock that fell, two rose. Turnover was 1.46bil shares with a value of $1.56bil traded.
There appeared to be a notable change in sentiment today. One broker now sets their sight on the STI index challenging 2860 or even 2930 `before finding resistance'. Recent cautiousness has investors largely sidelined. A dealer reasoned that with the recovery underway, any chance of a large fall would be seen as buy opportunities.
Genting Singapore shares extended gains, adding 1.5 cents at 92 cents as investors cheered the expected opening of Universal Studios on March 18th. Shares of CWT and ARA rose 1.5 cents and 1 cent at 97 and $1.13 respectively as investors stayed bullish ahead of the impending listing of their Cache Logistics Trust unit. Resource stocks rose as the economy recovery outlook improved. Shares of Straits Asia, Noble Group, Wilmar, Olam and Golden Agric rose between 1 and 11 cents.
On the balance, shares of SIA declined 28 cents to $15.48 and MITech, down 3.5 cents to 13.5 cents.
==========
Pre-Market Open Commentary for 08 March 2010
DJIA: 10566.20 +122.06
Nasdaq Composite: 2326.35 +34.04
US stocks surged last Friday following an upbeat government report that showed employers cut fewer-than-expected positions in February, with a net total of 36,000 jobs cut, against expectations of a 68,000 jobs lost, from a cut of 26,000 jobs in January. Further, the unemployment rate held steady at 9.7%, ahead of expectations of a rise to 9.8%. On the corporate front, there were also upbeat corporate news with Apple releasing its highly-anticipated iPAd tablet computer on 3 April 2010 and Broadband agreeing to be taken private by ABRY Partners in a deal worth US$536 mil in cash plus debt.
For the week, all the major indices ended higher. The Dow Jones Industrial Average gained 2.33% and S&P 500 climbed 3.10% to end at 1138.70. Nasdaq composite rallied 3.94%.
It will be a light week ahead for economic news which only picks up on Wednesday with the release of January unemployment rate on a state-by-state basis, readings on wholesale inventories and weekly crude oil inventories.
For the week, US light crude oil for April delivery rose US$1.84 or 2.30% to settle at US$81.50 a barrel.
In Singapore today:
The Singapore bourse was buoyed by positive local corporate news and brighter prospects overseas. Market sentiment was lifted was led by better-than-expected reports on manufacturing, retail sales, inflation and the labour market in the US and allaying fears over the European debt crisis. On the local front, news of the opening of Universal Studio at the Sentosa integrated resort on 18 March 2010 brought optimism that Genting may turn profitable this year, which lured traders to trade up the stock. The STI index added 21.59 points to 2790.29. For the week, the STI gained 39.43 points, or 1.43%.
Expect the local bourse to trade stronger taking cues from the strong positive close on Wall Street last Friday and in light of more signs of economic recovery surfacing. However, going forward, it will require a few more months of positive economic signals to convince the market that the recovery is on a sustainable tract.
=========
Mid Day March 8. Asian markets jolted by friday's upside.
Asian markets got a lift from Friday's benign non-farm payrolls that sent bears scurrying to cover their short positions. After weeks of darting about aimlessly in a narrow range, Friday's upside jolt had some wondering if a retest of the January high is now on the cards. The STI index rose 35.46 points at 2825.75 points. For every stock that fell, 3 rose. Turnover was 814mil shares with a value of $835mil traded.
There seems to be a notable change in sentiments today. One broker now sets their sight on the STI index challenging 2860 or even 2930 `before finding resistance'. Recent cautiousness has investors largely sidelined. A dealer reasoned that with the recovery underway, any chance of a large fall would be buy opportunities. `For a start, fund managers didn't buy a lot of shares, so eventually, they will have less to sell'. Genting Singapore shares extended gains, adding 1cent at 91.5 cents as investors cheered the expected opening of Universal Studios on March 18th. Shares of CWT and ARA rose 2 cents at 98 and $1.14 respectively as investors stayed bullish ahead of the impending listing of their Cache Logistics Trust unit.
Resource stocks rose as the economy recovery outlook improved. Shares of Straits Asia, Noble Group, Wilmar, Olam and Golden Agric rose between 1 and 11 cents. On the balance, shares of SIA, City Dev, and Mandarin Oriental eased between 3 and 14 cents.
=====
Market close March 8. Positive start to the trading week
Asian stocks had a good start to the trading week and for the STI index, buying interest firmed further in the second session closing 44.28 points higher at 2834.57 points. For every stock that fell, two rose. Turnover was 1.46bil shares with a value of $1.56bil traded.
There appeared to be a notable change in sentiment today. One broker now sets their sight on the STI index challenging 2860 or even 2930 `before finding resistance'. Recent cautiousness has investors largely sidelined. A dealer reasoned that with the recovery underway, any chance of a large fall would be seen as buy opportunities.
Genting Singapore shares extended gains, adding 1.5 cents at 92 cents as investors cheered the expected opening of Universal Studios on March 18th. Shares of CWT and ARA rose 1.5 cents and 1 cent at 97 and $1.13 respectively as investors stayed bullish ahead of the impending listing of their Cache Logistics Trust unit. Resource stocks rose as the economy recovery outlook improved. Shares of Straits Asia, Noble Group, Wilmar, Olam and Golden Agric rose between 1 and 11 cents.
On the balance, shares of SIA declined 28 cents to $15.48 and MITech, down 3.5 cents to 13.5 cents.
Friday, March 5, 2010
5 Mar 10 : Genting Rebound... But what next week ?
Pre-Market Open Commentary for 05 March 2010
DJIA: 10444.14 +47.38
Nasdaq Composite: 2292.31 +11.63
Following a volatile session, US stocks staged gains on the back of upbeat retail sales and jobs report. The number of new claims for unemployment fell to 469,000 last week, better-than-expectations of a fall to 470,000, from 498,000 the previous week while continuing claims also showed improvement, falling to 4.5 mil, against expectations of a decline to 4.6 mil, from a revised 4.634 mil in the previous week. Despite massive snow storms, retail sales also picked up pace, boosting retail sales by 4% in February, the sixth consecutive month of increase and in particular, Abercrombie & Fitch reported same-store sales increase of 5%, well ahead of expectations of a sales decline of 6%.
However, the housing report did not fair well with January pending home sales index plunging 7.6%, far worse-than-expectations of a rise of 1%, following a revised 0.8% rise in December. Factory orders also came in shy of forecasts, gaining 1.7% in January, against expectations of a 1.8% rise, from a revised 1.5% increase in December.
All the major indices ended higher with the Dow Jones Industrial Average gaining 0.46% while S&P 500 added 0.37% to 1,122.97. Nasdaq composite climbed 0.51%.
The key economic report due on Friday is the government employment report. The payroll number is expected to show that employers cut 65,000 jobs in February, after cutting 20,000 jobs in the previous month. A separate survey is expected to show that unemployment rate has risen to 9.8%, from 9.7% in the previous month.
US light crude oil for April delivery fell US$0.66 to settle at US$80.21 a barrel.
In Singapore today:
The regional markets slipped on Thursday following a 2.4% plunge in the volatile Shanghai bourse, led by concerns over further monetary tightening measures by the central government. The Hang Seng fell 1.44% while Nikkei lost 1.05% and Taiex Index fell 0.8%. Concerns over a weak US jobs data due on Thursday due to heavy snow storm last month also kept investors on the sidelines. The STI lost 14.09 points to 2768.7. For every stock that gained, 2.3 fell. Uncertainties in the market have led investors to avoid the market and as a result turnover was thin with1.2bil shares with a value of $1.18bil traded.
Shares of Midas erupted and jumped to a high of $1.08 on confirmation that it plans to seek a dual listing in Hong Kong. The company will offer up to 340mil shares in a global offering for the purpose of a secondary listing in Hong Kong. The stock settled 3 cents up at $1.04 on 28mil shares. Epure added 0.5 cents at 86.5 cents helped by a buy report from a local broker with a target of $1.10.
Expect the local bourse to trade stronger taking cues from the positive overnight close on Wall Street following the upbeat US jobs reports on Thursday, which provided investors comfort that the pace of jobs cut is slowing as the labour market starts to stabilize and the highly-anticipated US government employment report due tonight will not spring negative surprises.
----
Mid Day March 5. Asian markets generally higher on Wall Street's positive lead.
Asian markets were generally higher on Wall Street's positive lead amid talks of short covering. The STI index rose 15.78 points at 2784.48 points with some traders taking smallish bets that the US non-farm payrolls numbers could turn out positive. For every stock that fell, 2 rose. Turnover was 566mil shares with a value of $551mil traded.
Shares of Genting Singapore rose 2.5 cents at 87 cents after it was named as a new inclusion into the FTSE Asia-Ex Japan (all World) index. `I don't think there is a major impact as Genting is a widely owned stock. The key lies in the short covering' a dealer said. Biosensors bounced 2.5 cents at 86 cents after a foreign broker reiterated its buy call with a price target of $1.23. CWT jumped 6.5 cents at 97.5 cents on anticipation of the listing of its Cache Logistics trust unit. Dealers are betting that a generous special dividend would be forthcoming. Shares of Best World rose 2.5 cents at 33 cents on speculations that company may make an announcement of an acqusition. The company has a war chest of about $36mil. Ascott REITs rose 1 cents at $1.22, expanding gains from yesterday on rumours that company may soon make an announcement about an asset sale.
On the balance, shares of UOB, Hotel Royal, OUE, HPL, DBS, Keppel Land and Olam eased between 1 and 10 cents.
DJIA: 10444.14 +47.38
Nasdaq Composite: 2292.31 +11.63
Following a volatile session, US stocks staged gains on the back of upbeat retail sales and jobs report. The number of new claims for unemployment fell to 469,000 last week, better-than-expectations of a fall to 470,000, from 498,000 the previous week while continuing claims also showed improvement, falling to 4.5 mil, against expectations of a decline to 4.6 mil, from a revised 4.634 mil in the previous week. Despite massive snow storms, retail sales also picked up pace, boosting retail sales by 4% in February, the sixth consecutive month of increase and in particular, Abercrombie & Fitch reported same-store sales increase of 5%, well ahead of expectations of a sales decline of 6%.
However, the housing report did not fair well with January pending home sales index plunging 7.6%, far worse-than-expectations of a rise of 1%, following a revised 0.8% rise in December. Factory orders also came in shy of forecasts, gaining 1.7% in January, against expectations of a 1.8% rise, from a revised 1.5% increase in December.
All the major indices ended higher with the Dow Jones Industrial Average gaining 0.46% while S&P 500 added 0.37% to 1,122.97. Nasdaq composite climbed 0.51%.
The key economic report due on Friday is the government employment report. The payroll number is expected to show that employers cut 65,000 jobs in February, after cutting 20,000 jobs in the previous month. A separate survey is expected to show that unemployment rate has risen to 9.8%, from 9.7% in the previous month.
US light crude oil for April delivery fell US$0.66 to settle at US$80.21 a barrel.
In Singapore today:
The regional markets slipped on Thursday following a 2.4% plunge in the volatile Shanghai bourse, led by concerns over further monetary tightening measures by the central government. The Hang Seng fell 1.44% while Nikkei lost 1.05% and Taiex Index fell 0.8%. Concerns over a weak US jobs data due on Thursday due to heavy snow storm last month also kept investors on the sidelines. The STI lost 14.09 points to 2768.7. For every stock that gained, 2.3 fell. Uncertainties in the market have led investors to avoid the market and as a result turnover was thin with1.2bil shares with a value of $1.18bil traded.
Shares of Midas erupted and jumped to a high of $1.08 on confirmation that it plans to seek a dual listing in Hong Kong. The company will offer up to 340mil shares in a global offering for the purpose of a secondary listing in Hong Kong. The stock settled 3 cents up at $1.04 on 28mil shares. Epure added 0.5 cents at 86.5 cents helped by a buy report from a local broker with a target of $1.10.
Expect the local bourse to trade stronger taking cues from the positive overnight close on Wall Street following the upbeat US jobs reports on Thursday, which provided investors comfort that the pace of jobs cut is slowing as the labour market starts to stabilize and the highly-anticipated US government employment report due tonight will not spring negative surprises.
----
Mid Day March 5. Asian markets generally higher on Wall Street's positive lead.
Asian markets were generally higher on Wall Street's positive lead amid talks of short covering. The STI index rose 15.78 points at 2784.48 points with some traders taking smallish bets that the US non-farm payrolls numbers could turn out positive. For every stock that fell, 2 rose. Turnover was 566mil shares with a value of $551mil traded.
Shares of Genting Singapore rose 2.5 cents at 87 cents after it was named as a new inclusion into the FTSE Asia-Ex Japan (all World) index. `I don't think there is a major impact as Genting is a widely owned stock. The key lies in the short covering' a dealer said. Biosensors bounced 2.5 cents at 86 cents after a foreign broker reiterated its buy call with a price target of $1.23. CWT jumped 6.5 cents at 97.5 cents on anticipation of the listing of its Cache Logistics trust unit. Dealers are betting that a generous special dividend would be forthcoming. Shares of Best World rose 2.5 cents at 33 cents on speculations that company may make an announcement of an acqusition. The company has a war chest of about $36mil. Ascott REITs rose 1 cents at $1.22, expanding gains from yesterday on rumours that company may soon make an announcement about an asset sale.
On the balance, shares of UOB, Hotel Royal, OUE, HPL, DBS, Keppel Land and Olam eased between 1 and 10 cents.
Thursday, March 4, 2010
4 Mar 10 : Market Getting Tired
Pre-Market Open Commentary for 04 March 2010
DJIA: 10396.76 -9.22
Nasdaq Composite: 2280.68 -0.11
US stocks gave up earlier gains as upbeat economic news was overshadowed by market concerns over the job and manufacturing reports due over Thursday and Friday. The private sector cut 20,000 jobs from their payrolls in February, the smallest cut in two years and in line with expectations, after a revised cut of 60,000 jobs in January. A separate reading by an outplacement firm indicated that there were 42,090 job cuts in February, the smallest number of job cuts since July 2006 when 37,178 cuts were announced, down from 71,482 in January, signaling that the pace of job cuts is slowing as the labour market slowly starts to stabilize. The ISM’s service sector index also came in ahead of expectations, rising to 53 in February, against expectations of a rise to 51, from 50.5 in January.
The market also reacted mildly to the Fed’s “Beige Book” reading on the economy which indicated that the economic activity has picked up in nine of the Fed’s 12 districts and consumer spending has also improved modestly.
Greece also announced a US$6.5 bil plan on Wednesday to help reduce its ballooning deficit, but this failed to boost market sentiment. The plan includes US$3.3 bil in new revenue such as taxes and another US$3.3 bil in spending cuts, including pension freezes and cuts in civil servants’ salaries.
The major indices ended mixed with the Dow Jones Industrial Average losing a marginal 0.09% while S&P 500 inched up 0.04% to 1,118.79. Nasdaq composite was virtually unchanged, closing 11 points lower.
Thursday will bring the economic readings of January factory orders and January pending home sales index. The nation’s retailers will also be releasing February sales on the same day.
US light crude oil for April delivery rose US$1.19 to settle at US$80.87 a barrel.
In Singapore today:
An early rally on Wall Street failed to gain traction after a Federal Reserve governer said that interest rates should go up sooner rather than later. Even strong growth from Australia and optimism that the Greek debt crisis might be contained failed to lift market sentiment. Investors remained sidelined awaiting for the US job data for February due on Friday. After trading within a narrow range throughout Wednesday, the STI managed to gain 10.59 points to close at 2782.79. For every stock that gained, 1.6 fell. Turnover was thin with1.29bil shares with a value of $1.14bil traded.
Shares of Sarin closed down a cent at 46.5 cents on recent rumours that the company may be privatised. It had earlier touched a high of 50 cents in morning trades. Sing Holding rose 1.5 cent at 41.5 cents as traders bided up the stock ahead of its property launch next week.
Expect market to be range-bound again today taking cues from the directionless overnight close on Wall Street. In the absence of fresh leads during Asian trading, investors are likely to remain side-lined, awaiting the economic readings from the US market today.
====
Mid Day March 4. STI lost early lead to end lower.
Wall Street appeared to be facing big headwinds as each climb upwards has proven harder despite good news. `Good news don't seem to buoy the market. There's too much resistance' a dealer noted. Asian markets were generally lethargic and off the best of the session on Wall Street's negative lead. The STI index lost its early lead to end 7.44 points down at 2775.35 points. For every stock that rose, 2 fell. Turnover was 592mil shares with a value of $574mil traded.
Shares of Midas erupted and jumped to a high of $1.08 on confirmation that it plans to seek a dual listing in Hong Kong. The company will offer up to 340mil shares in a global offering for the purpose of a secondary listing in Hong Kong. A dealer warned investors not to get carried away as the pricing for the offering has not been announced. `I won't be surprised that we are now trading at a premium to the proposed offering price' he mused.
The stock settled 3 cents up at $1.04 on 22.5mil shares. Epure added 1 cent at 87 cents helped by a buy report from a local broker with a target of $1.10. Shares of HL Asia raced to new 2010 higher; adding 15 cents at $3.85 after a foreign broker upped the stock to a buy with a target of $4.90. F&N rose 6 cents at $4.36 with the help of a buy report with a $5.35 target.
On the balance, shares of Jardine C&C, DBS, Wilmar, Hylfux, UOL, Frasers CT, Sarin, SATS Services, M1, UIC and OCBC Bank eased between 1.5 and 18 cents.
====
Market close March 4. STI again lower despite positive start
Asian markets were generally le thargic and off the best of the session on Wall Street's negative lead. The STI index lost its early gains to end 14.09 points down at 2768.70 points. For every stock that rose, 1.5 fell. Turnover was 1.2bil shares with a value of $1.18mil traded.
Shares of Midas erupted and jumped to a high of $1.08 on confirmation that it plans to seek a dual listing in Hong Kong. The company will offer up to 340mil shares in a global offering for the purpose of a secondary listing in Hong Kong. A dealer warned investors not to get carried away as the pricing for the offering has not been announced. `I won't be surprised that we are now trading at a premium to the proposed offering price' he mused. The stock settled 3 cents up at $1.04 on 28mil shares.
Epure added 0.5 cents at 86.5 cents helped by a buy report from a local broker with a target of $1.10. Shares of HL Asia raced to new 2010 higher; adding 15 cents at $3.85 after a foreign broker upped the stock to a buy with a target of $4.90, although the stock eventually closed at $3.80, a gain of 10 cents.
On the balance, shares of Wilmar, SGX, DBS, Hylfux and Venture eased between 8 and 18 cents.
=========
DJIA: 10396.76 -9.22
Nasdaq Composite: 2280.68 -0.11
US stocks gave up earlier gains as upbeat economic news was overshadowed by market concerns over the job and manufacturing reports due over Thursday and Friday. The private sector cut 20,000 jobs from their payrolls in February, the smallest cut in two years and in line with expectations, after a revised cut of 60,000 jobs in January. A separate reading by an outplacement firm indicated that there were 42,090 job cuts in February, the smallest number of job cuts since July 2006 when 37,178 cuts were announced, down from 71,482 in January, signaling that the pace of job cuts is slowing as the labour market slowly starts to stabilize. The ISM’s service sector index also came in ahead of expectations, rising to 53 in February, against expectations of a rise to 51, from 50.5 in January.
The market also reacted mildly to the Fed’s “Beige Book” reading on the economy which indicated that the economic activity has picked up in nine of the Fed’s 12 districts and consumer spending has also improved modestly.
Greece also announced a US$6.5 bil plan on Wednesday to help reduce its ballooning deficit, but this failed to boost market sentiment. The plan includes US$3.3 bil in new revenue such as taxes and another US$3.3 bil in spending cuts, including pension freezes and cuts in civil servants’ salaries.
The major indices ended mixed with the Dow Jones Industrial Average losing a marginal 0.09% while S&P 500 inched up 0.04% to 1,118.79. Nasdaq composite was virtually unchanged, closing 11 points lower.
Thursday will bring the economic readings of January factory orders and January pending home sales index. The nation’s retailers will also be releasing February sales on the same day.
US light crude oil for April delivery rose US$1.19 to settle at US$80.87 a barrel.
In Singapore today:
An early rally on Wall Street failed to gain traction after a Federal Reserve governer said that interest rates should go up sooner rather than later. Even strong growth from Australia and optimism that the Greek debt crisis might be contained failed to lift market sentiment. Investors remained sidelined awaiting for the US job data for February due on Friday. After trading within a narrow range throughout Wednesday, the STI managed to gain 10.59 points to close at 2782.79. For every stock that gained, 1.6 fell. Turnover was thin with1.29bil shares with a value of $1.14bil traded.
Shares of Sarin closed down a cent at 46.5 cents on recent rumours that the company may be privatised. It had earlier touched a high of 50 cents in morning trades. Sing Holding rose 1.5 cent at 41.5 cents as traders bided up the stock ahead of its property launch next week.
Expect market to be range-bound again today taking cues from the directionless overnight close on Wall Street. In the absence of fresh leads during Asian trading, investors are likely to remain side-lined, awaiting the economic readings from the US market today.
====
Mid Day March 4. STI lost early lead to end lower.
Wall Street appeared to be facing big headwinds as each climb upwards has proven harder despite good news. `Good news don't seem to buoy the market. There's too much resistance' a dealer noted. Asian markets were generally lethargic and off the best of the session on Wall Street's negative lead. The STI index lost its early lead to end 7.44 points down at 2775.35 points. For every stock that rose, 2 fell. Turnover was 592mil shares with a value of $574mil traded.
Shares of Midas erupted and jumped to a high of $1.08 on confirmation that it plans to seek a dual listing in Hong Kong. The company will offer up to 340mil shares in a global offering for the purpose of a secondary listing in Hong Kong. A dealer warned investors not to get carried away as the pricing for the offering has not been announced. `I won't be surprised that we are now trading at a premium to the proposed offering price' he mused.
The stock settled 3 cents up at $1.04 on 22.5mil shares. Epure added 1 cent at 87 cents helped by a buy report from a local broker with a target of $1.10. Shares of HL Asia raced to new 2010 higher; adding 15 cents at $3.85 after a foreign broker upped the stock to a buy with a target of $4.90. F&N rose 6 cents at $4.36 with the help of a buy report with a $5.35 target.
On the balance, shares of Jardine C&C, DBS, Wilmar, Hylfux, UOL, Frasers CT, Sarin, SATS Services, M1, UIC and OCBC Bank eased between 1.5 and 18 cents.
====
Market close March 4. STI again lower despite positive start
Asian markets were generally le thargic and off the best of the session on Wall Street's negative lead. The STI index lost its early gains to end 14.09 points down at 2768.70 points. For every stock that rose, 1.5 fell. Turnover was 1.2bil shares with a value of $1.18mil traded.
Shares of Midas erupted and jumped to a high of $1.08 on confirmation that it plans to seek a dual listing in Hong Kong. The company will offer up to 340mil shares in a global offering for the purpose of a secondary listing in Hong Kong. A dealer warned investors not to get carried away as the pricing for the offering has not been announced. `I won't be surprised that we are now trading at a premium to the proposed offering price' he mused. The stock settled 3 cents up at $1.04 on 28mil shares.
Epure added 0.5 cents at 86.5 cents helped by a buy report from a local broker with a target of $1.10. Shares of HL Asia raced to new 2010 higher; adding 15 cents at $3.85 after a foreign broker upped the stock to a buy with a target of $4.90, although the stock eventually closed at $3.80, a gain of 10 cents.
On the balance, shares of Wilmar, SGX, DBS, Hylfux and Venture eased between 8 and 18 cents.
=========
Shorted AUD/USD and watched it broke 0.9000
This morning woke up and saw that AUD/USD was making a move downwards with Lower High and Lower Lows. So when it did a brief consolidation at 0.9040 area, I shorted it and happily watch it continue its trend lower. At around 3-4 hours later, it suddenly crashed down to shoot pass 0.900. I had place a take profit level just 1 pip above 0.9000 as I deemed it as a very strong support (round numbers like this should be big strong support). But seemed like it does not matter. It went down like a rock pass 0.9000 and in fact reached as low as 0.8970 a hour later. Anyway, took my 43 pips profit and smile away :)
Good easy trade ! :)
Good easy trade ! :)
Wednesday, March 3, 2010
3 Mar 10 : Market Sideways
Pre-Market Open Commentary for 03 March 2010
DJIA: 10405.98 +2.19
Nasdaq Composite: 2280.79 +7.22
US stocks eked out modest gains on Tuesday following the February auto sales report, some upbeat company news and signs that Greece will not default on its debts. Toyota reported a 9% YoY fall in sales in February, slightly ahead of expectations of a 10% decline. The other auto companies reported higher February sales with Ford Motors’ sales jumping 43% YoY while GM reported worse-than-expected sales increase of 12% YoY for February.
On the corporate front, a bidding tussle lifted the market with CF Industries relaunching its bid for fellow fertilizer firm Terra Industries, offering US$4.75bil in cash and stock after giving up an aggressive takeover attempt in January. CF headed back into the fray after Terra agreed to a US$4.1 buyout from a competing bidder, Norway’s Yara.
There were also signs that the debt situation in Greece is under control with the Greek government expecting to announce further initiatives on Wednesday, after already announcing plans to raise the retirement age and freeze salaries, to rein in the country’s deficit.
All the major indices rose with the Dow Jones Industrial Average gaining a marginal 0.02% while S&P 500 rose 0.23% to 1,118.31. Nasdaq composite added 0.32%.
Wednesday will bring the economic readings of ISM services sector, weekly oil inventories and the Federal Reserve’s “beige book” reading on the economy.
In Singapore today:
Trading on Tuesday was subdued as investors moved to the sidelines after the corporate reporting season ended. Following gains in early trading, the local bourse consolidated, in reaction to HSBC’s weaker-than-expected results, which caused the Hang Seng to end 0.7% lower as HSBC accounts for 14% on the Hang Seng index. The STI ended 1.8 points lower at 2772.2. For every stock that gained, 1.6 fell. Turnover was 1.3bil shares with a value of $1.3bil traded.
Genting was again the most active counter for the day and the share slumped 4 cents to a six-month low of 87 cents on 197mil shares on rumours of a cash call. `I think such rumours are the work of those who had shorted the stock earlier' a trader said. Thinly traded shares of Sarin sprang to life and rose 6.5 cents to 47.5 cents on heavy volume of 8.1 mil shares following rumours that it may be taken private.
Expect market to be range-bound again today taking cues from the modest overnight gains in Wall Street. In the absence of fresh leads during Asian trading, investors are likely to remain side-lined, awaiting the economic readings from the US market today.
======
Mid Day March 3. STI in tight trading range.
An early rally on Wall Street failed to gain traction after a Federal Reserve governer said that rates should go up sooner rather than later. Technology issues led the retreat and Wall Street was left with single digit gains at the closing bell. It was a choppy day for Asian markets on selective gains led by commodities helped by a weaker US dollar. The STI index danced about in a tight trading range and ended the mid day session 2.43 points lower at 2769.77. For every stock that rose, 2 fell. Turnover was 710mil shares with a value of $598mil traded.
With stocks trading within a narrow range on a lack of fresh leads, investors are being nudged to the sidelines. `I think over the near term, traders would be eyeing the key US jobs data this Friday' a dealer mused.
Shares of Sarin put on half cent at 48 cents on recent rumours that company may be privatised. It had earlier touched a high of 50 cents in morning trades. Sing Holding rose 1 cent at 41 cents as traders bidded up the stock ahead of its property launch next week. Other gainers included Jardine C&C, Jardine Strategic, SIA, Jardine Matheson, SIA, CapitaLand, City Developments, Keppel Land, Haw Par and Semb Marine that rose between 2 and 66 cents.
On the balance, shares of UOB, DBS, Wilmar, Straits Trading, OCBC Bank, UOL, SATs Services, Keppel Corp, Olam and Venture Corp eased between 1 and 16 cents.
===
Market close March 3. STI edges higher in choppy trading
It was a choppy day for Asian mark ets on selective gains led by commodities helped by a weaker US dollar. The STI index danced about in a tight trading range and ended day 10.59 points higher at 2782.79. For every stock that rose, 1.5 fell. Turnover was 1.29bil shares with a value of $1.14bil traded.
With stocks trading within a narrow range on a lack of fresh leads, investors are being nudged to the sidelines. `I think over the near term, traders would be eyeing the key US jobs data this Friday' a dealer mused.
Shares of Sarin closed down a cent at 46.5 cents on recent rumours that company may be privatised. It had earlier touched a high of 50 cents in morning trades.
Sing Holding rose 1.5 cent at 41.5 cents as traders bidded up the stock ahead of its property launch next week. Other gainers included Jardine C&C, Jardine Strategic, SIA, Jardine Matheson, Keppel Land, and Haw Par that rose between 7 and 24 cents.
On the balance, shares of UOB, F&N, Hyflux, Venture, Creative, and S p Land, eased between 5 and 8 cents.
===
DJIA: 10405.98 +2.19
Nasdaq Composite: 2280.79 +7.22
US stocks eked out modest gains on Tuesday following the February auto sales report, some upbeat company news and signs that Greece will not default on its debts. Toyota reported a 9% YoY fall in sales in February, slightly ahead of expectations of a 10% decline. The other auto companies reported higher February sales with Ford Motors’ sales jumping 43% YoY while GM reported worse-than-expected sales increase of 12% YoY for February.
On the corporate front, a bidding tussle lifted the market with CF Industries relaunching its bid for fellow fertilizer firm Terra Industries, offering US$4.75bil in cash and stock after giving up an aggressive takeover attempt in January. CF headed back into the fray after Terra agreed to a US$4.1 buyout from a competing bidder, Norway’s Yara.
There were also signs that the debt situation in Greece is under control with the Greek government expecting to announce further initiatives on Wednesday, after already announcing plans to raise the retirement age and freeze salaries, to rein in the country’s deficit.
All the major indices rose with the Dow Jones Industrial Average gaining a marginal 0.02% while S&P 500 rose 0.23% to 1,118.31. Nasdaq composite added 0.32%.
Wednesday will bring the economic readings of ISM services sector, weekly oil inventories and the Federal Reserve’s “beige book” reading on the economy.
In Singapore today:
Trading on Tuesday was subdued as investors moved to the sidelines after the corporate reporting season ended. Following gains in early trading, the local bourse consolidated, in reaction to HSBC’s weaker-than-expected results, which caused the Hang Seng to end 0.7% lower as HSBC accounts for 14% on the Hang Seng index. The STI ended 1.8 points lower at 2772.2. For every stock that gained, 1.6 fell. Turnover was 1.3bil shares with a value of $1.3bil traded.
Genting was again the most active counter for the day and the share slumped 4 cents to a six-month low of 87 cents on 197mil shares on rumours of a cash call. `I think such rumours are the work of those who had shorted the stock earlier' a trader said. Thinly traded shares of Sarin sprang to life and rose 6.5 cents to 47.5 cents on heavy volume of 8.1 mil shares following rumours that it may be taken private.
Expect market to be range-bound again today taking cues from the modest overnight gains in Wall Street. In the absence of fresh leads during Asian trading, investors are likely to remain side-lined, awaiting the economic readings from the US market today.
======
Mid Day March 3. STI in tight trading range.
An early rally on Wall Street failed to gain traction after a Federal Reserve governer said that rates should go up sooner rather than later. Technology issues led the retreat and Wall Street was left with single digit gains at the closing bell. It was a choppy day for Asian markets on selective gains led by commodities helped by a weaker US dollar. The STI index danced about in a tight trading range and ended the mid day session 2.43 points lower at 2769.77. For every stock that rose, 2 fell. Turnover was 710mil shares with a value of $598mil traded.
With stocks trading within a narrow range on a lack of fresh leads, investors are being nudged to the sidelines. `I think over the near term, traders would be eyeing the key US jobs data this Friday' a dealer mused.
Shares of Sarin put on half cent at 48 cents on recent rumours that company may be privatised. It had earlier touched a high of 50 cents in morning trades. Sing Holding rose 1 cent at 41 cents as traders bidded up the stock ahead of its property launch next week. Other gainers included Jardine C&C, Jardine Strategic, SIA, Jardine Matheson, SIA, CapitaLand, City Developments, Keppel Land, Haw Par and Semb Marine that rose between 2 and 66 cents.
On the balance, shares of UOB, DBS, Wilmar, Straits Trading, OCBC Bank, UOL, SATs Services, Keppel Corp, Olam and Venture Corp eased between 1 and 16 cents.
===
Market close March 3. STI edges higher in choppy trading
It was a choppy day for Asian mark ets on selective gains led by commodities helped by a weaker US dollar. The STI index danced about in a tight trading range and ended day 10.59 points higher at 2782.79. For every stock that rose, 1.5 fell. Turnover was 1.29bil shares with a value of $1.14bil traded.
With stocks trading within a narrow range on a lack of fresh leads, investors are being nudged to the sidelines. `I think over the near term, traders would be eyeing the key US jobs data this Friday' a dealer mused.
Shares of Sarin closed down a cent at 46.5 cents on recent rumours that company may be privatised. It had earlier touched a high of 50 cents in morning trades.
Sing Holding rose 1.5 cent at 41.5 cents as traders bidded up the stock ahead of its property launch next week. Other gainers included Jardine C&C, Jardine Strategic, SIA, Jardine Matheson, Keppel Land, and Haw Par that rose between 7 and 24 cents.
On the balance, shares of UOB, F&N, Hyflux, Venture, Creative, and S p Land, eased between 5 and 8 cents.
===
Tuesday, March 2, 2010
2 Mar 10 : Watch out for NOL
NOL looks interesting to me..
=========
Pre-Market Open Commentary for 02 March 2010
DJIA: 10403.79 +78.53
Nasdaq Composite: 2273.57 +35.31
US stocks turned positive as investors welcome AIG’s US$35 bil asset sale and a pair of mergers in the pharmaceutical sector as well as easing fears of Greece’s debt default. AIG sold its Asian life insurance business to Britain’s Prudential PLC in a deal worth US$35.5 bil; the deal includes US$25 bil in cash of which US$16 bil has been earmarked to pay back the government and taxpayers.
Merger & acquisition deals further lifted the market with Japanese drug maker, Astellas Pharma making an unsolicited US$3.5 bil bid for OSI Pharmaceuticals, maker of blockbuster Tarceva cancer drug and the deal represents a 40% premium over OSI’s closing price last Friday. Separately, German pharmaceutical Merck plans to buy US-based Millipore for US$7.2 bil.
On the economic front, the readings were mixed. ISM manufacturing index fell to 56.5 in February, worse-than-expectations of a fall only to 57.9, from 58.4 in January while construction spending declined 0.6% in January, in line with expectations, after falling 1.2% in December.
All the major indices rose with the Dow Jones Industrial Average gaining 0.76% while S&P 500 rose 1.02% to 1,115.71. Nasdaq composite surged 1.58%.
Reports of February auto and truck sales are due throughout Tuesday and Toyota is expected to take a hit following its recall of millions of vehicles plagued with safety issues. However, General Motors and Ford Motor are among the companies expected to post sales improvement from a year ago.
US light crude oil for April delivery fell US$0.96 to settle at US$79.66 a barrel.
In Singapore today:
Asian markets gained ground on Monday due to easing concerns that Greece will default on its massive debts led by a report by The Wall Street Journal over the weekend that a plan led by Germany and France to bail out Greece has started to take shape. Nikkei added 0.45% while Hang Seng surged 2.17% and the Shanghai market gained 1.18%. Mirroring the buoyant regional markets, the STI rose 23.20, or 0.84%, to 2774.06. For every stock that fell, 2.1 rose. Turnover picked up marginally to 1.47bil shares with a value of $1.37bil traded.
Wilmar International put on 17 cents to $6.67 following the release of better-than-expected 4QFY09 results on Sunday. Genting was the most active counter for the day with 133 mil shares traded and the share managed to reverse previous losses to put on 1.5 cents to close at 91 cents.
Notwithstanding the overnight rally in Wall Street, expect market to be range bound today in the absence of fresh directions. Investors are likely to stay side-lined, awaiting economic readings from the US market this week, particularly the jobs report scheduled on Friday, for indications that economic recovery is on the way.
====
Mid Day March 2. Stocks consolidated after yesterday's gains.
US stocks advanced on the first trading day of March encouraged by Warren Buffet's comments that the economy was slowly getting better. Dealers pointed to M&A activities that also gave the broader market a boost. Trading on Tuesday was subdued as stocks consolidated after yesterday's gains and reacted to titan HSBC's results.`HSBC accounts for 14 per cent on the Hang Seng index' a dealer said. The STI index rose 7.48 points at 2781.54 points with some technical analysts calling for a rise to 2800-2860 points before correcting again. For every stock that rose, about 2 fell. Turnover was 795mil shares with a value of $719mil traded.
Stocks may not be tumbling in the wake of the 0.7 per cent fall in the Hang Seng index (led by HSBC's 5 per cent fall) but they are not rising either. Most traders remained cautious and are not likely to be making reckless trades; being conservative. `I think the market will remain like that, tradeable only from oversold levels but mostly in limbo and probably in a drifting mode' a dealer said.
Shares of Genting Singapore slumped 3.5 cents at 87.5 cents on 135mil shares on rumours of a cash call. `I think such rumours are the work of those who had shorted the stock earlier' a trader said. Profit taking pushed shares of Ezra, IndoAgric, Straits Asia and Noble Group 1 and 5 cents lower.
Shares of Sarin rose almost 10 per cent or 4.5 cents at 45.5 cents on rumours that it may be taken private. Financial One Corp rose 2 cents in the hopes that it has turned the corner and 2010 will be better. Dealers said there was talk the company may soon announce an update on its plans to list its unit in Taiwan. Others like Jardine C&C, Jardine Matheson, Jardine Strategic, SIA, Wilmar, DBS, C2O and NOL rose between 4 and 64 cents.
====
=========
Pre-Market Open Commentary for 02 March 2010
DJIA: 10403.79 +78.53
Nasdaq Composite: 2273.57 +35.31
US stocks turned positive as investors welcome AIG’s US$35 bil asset sale and a pair of mergers in the pharmaceutical sector as well as easing fears of Greece’s debt default. AIG sold its Asian life insurance business to Britain’s Prudential PLC in a deal worth US$35.5 bil; the deal includes US$25 bil in cash of which US$16 bil has been earmarked to pay back the government and taxpayers.
Merger & acquisition deals further lifted the market with Japanese drug maker, Astellas Pharma making an unsolicited US$3.5 bil bid for OSI Pharmaceuticals, maker of blockbuster Tarceva cancer drug and the deal represents a 40% premium over OSI’s closing price last Friday. Separately, German pharmaceutical Merck plans to buy US-based Millipore for US$7.2 bil.
On the economic front, the readings were mixed. ISM manufacturing index fell to 56.5 in February, worse-than-expectations of a fall only to 57.9, from 58.4 in January while construction spending declined 0.6% in January, in line with expectations, after falling 1.2% in December.
All the major indices rose with the Dow Jones Industrial Average gaining 0.76% while S&P 500 rose 1.02% to 1,115.71. Nasdaq composite surged 1.58%.
Reports of February auto and truck sales are due throughout Tuesday and Toyota is expected to take a hit following its recall of millions of vehicles plagued with safety issues. However, General Motors and Ford Motor are among the companies expected to post sales improvement from a year ago.
US light crude oil for April delivery fell US$0.96 to settle at US$79.66 a barrel.
In Singapore today:
Asian markets gained ground on Monday due to easing concerns that Greece will default on its massive debts led by a report by The Wall Street Journal over the weekend that a plan led by Germany and France to bail out Greece has started to take shape. Nikkei added 0.45% while Hang Seng surged 2.17% and the Shanghai market gained 1.18%. Mirroring the buoyant regional markets, the STI rose 23.20, or 0.84%, to 2774.06. For every stock that fell, 2.1 rose. Turnover picked up marginally to 1.47bil shares with a value of $1.37bil traded.
Wilmar International put on 17 cents to $6.67 following the release of better-than-expected 4QFY09 results on Sunday. Genting was the most active counter for the day with 133 mil shares traded and the share managed to reverse previous losses to put on 1.5 cents to close at 91 cents.
Notwithstanding the overnight rally in Wall Street, expect market to be range bound today in the absence of fresh directions. Investors are likely to stay side-lined, awaiting economic readings from the US market this week, particularly the jobs report scheduled on Friday, for indications that economic recovery is on the way.
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Mid Day March 2. Stocks consolidated after yesterday's gains.
US stocks advanced on the first trading day of March encouraged by Warren Buffet's comments that the economy was slowly getting better. Dealers pointed to M&A activities that also gave the broader market a boost. Trading on Tuesday was subdued as stocks consolidated after yesterday's gains and reacted to titan HSBC's results.`HSBC accounts for 14 per cent on the Hang Seng index' a dealer said. The STI index rose 7.48 points at 2781.54 points with some technical analysts calling for a rise to 2800-2860 points before correcting again. For every stock that rose, about 2 fell. Turnover was 795mil shares with a value of $719mil traded.
Stocks may not be tumbling in the wake of the 0.7 per cent fall in the Hang Seng index (led by HSBC's 5 per cent fall) but they are not rising either. Most traders remained cautious and are not likely to be making reckless trades; being conservative. `I think the market will remain like that, tradeable only from oversold levels but mostly in limbo and probably in a drifting mode' a dealer said.
Shares of Genting Singapore slumped 3.5 cents at 87.5 cents on 135mil shares on rumours of a cash call. `I think such rumours are the work of those who had shorted the stock earlier' a trader said. Profit taking pushed shares of Ezra, IndoAgric, Straits Asia and Noble Group 1 and 5 cents lower.
Shares of Sarin rose almost 10 per cent or 4.5 cents at 45.5 cents on rumours that it may be taken private. Financial One Corp rose 2 cents in the hopes that it has turned the corner and 2010 will be better. Dealers said there was talk the company may soon announce an update on its plans to list its unit in Taiwan. Others like Jardine C&C, Jardine Matheson, Jardine Strategic, SIA, Wilmar, DBS, C2O and NOL rose between 4 and 64 cents.
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2 Mar 10 : Shorted EUR/USD
Did a short of EUR/USD at around 4 pm Singapore time. It was a veery quick trade. Made 50 pips in 1 hour or so. Saw that the EUR/USD was make lower low and lower high (i.e. trending downwards). So when it broke my Moving Average band, I shorted it.
Nice trade. Happy with it.
Red = Stop Loss
Blue = Entry Price
Green = Target Profit
Nice trade. Happy with it.
Red = Stop Loss
Blue = Entry Price
Green = Target Profit
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