| 16/10/2002 Wed 10:00 pm 16/10 Wed Intel is the party spoiler and corrective pressure may persist tomorrow- see Datacraft trend intact and key support at 0.625. Stats has first target at 1.23-1.24. There were many emails from DBS Vickers, UOB Kayhian, OCBC, hotmail, Asia1 and yahoo.com which were returned. Some may have switched companies and others have stopped using their hotmails or Asiaone mails terminated- pls send new email if you wish to remain on Tanker's mailing list. 10/10 Thurs Signs of bottoming appears on some tech charts. Chartered, Datacraft and Stats are showing signs of deeply oversold posture and could bounce higher in the week ahead. Stats has target at 1.23-1.24 and Chartered at 1.20. The blue chips have bottomed as evident in the STI which hit target of 1326 and rebounded sharply to 1411. The decline from 1411 to this morning's low of 1351 is seen as a retracement of a short term upward trend. 09/29 Sat 11:30 am The Dow plunges by 295 points and Nasdaq by 22 points. The numbers look bad, especially on the Dow but a closer look suggest that it is driven down by a few key Dow components such as GE, Philip Morris and SBC Comm. This does not mean that the undertone of the market is not weak but the percentage of the Dow's drop is exaggerated somewhat. The fact that Dow and Nasdaq's declining stocks outpaced advances 2 to 1 suggest that market sentiments is still weak. This is a market that is driven by earnings and sentiments. Earnings have been weak and are not expected to improve for the next quarter. Sentiments too have been affected by war talks and with George Bush hell-bent on attacking Iraq, no amount of protest from former US presidents, congressmen and Democrats can stop the impending attack. This poltical development is casting a long shadow on the Dow and world markets and could persist in bring stocks to new lows in the weeks ahead. Short term, some short covering could take place right up to 30 Sep which could see some window dressing but the extent of it may be muted by weak sentiments across global markets. Previous commentaries |
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