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...
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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.
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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.
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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.
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