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.
0 comments:
Post a Comment