| 09/27/2002 Thurs 09:30 am Friday 9:30 am NOL surge on news that APL may see sharp increase in its China revenue. Barriers at 0.65 and 0.66 for intra-day. Singtel held well despite IDA refusal for hike in fix line and chart pattern suggest range 1.38-1.48, near term. Chartered gains hampered by its rights which is will have 3 trading days ahead (inclusive of today). Thurs 10:30 pm We saw a surge in the Dow at the opening hours and if today's close stays positive, a better day could be in the offing tomorrow. Chartered struggled at 1.03 but the oversold situation is not fully alleviated and short covering may persist this week. Datacraft did not perform well but 0.50 and 0.515 are strong support levels. Thurs 9:30 am The low of STI at 1326 yesterday and the bounce from here suggest that a technical rebound is underway. Venture seems well supported at 11.50 and Chartered has cleared 1.00 and these are positive technical signs. On the geopolitical front, it is now less likely that Bush can declare a war on Iraq unilaterally as Democrats have thrown the spanner into the Bush plan for war as they accused him of politicizing the war. Britain's labour party is also having a split in their support for Blair's total endorsement of the Bush war doctrine. Without Britain at his side, George Bush could find it lonely going into Baghdad this winter. Another potential positive market development is the fact that out of 12 Fed governors, 2 dissent votes in the last FOMC meeting suggesting that we could get one more rate cut before the year is out. There are many emails returned, apparently due to job change, email change or simply due to lack of quota from hotmail. pls update your email if you have change job or email address. Tuesday STI next support is at 1350 and a bounce can be expected when this target is tested. The next major target is at 1320. The impact of war talks is almost fully factored in and with stochastic and rsi at deeply oversold level, a bounce could come sometime this week. Semi-con and tech stocks could be the first off the block and even without a rate cut in tonight's FOMC, sellers may be scarcer at current levels. The only players are expected to be hedge funds and they are playing a musical chair of who will be the last to cover their shorts. Previous commentaries |
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