| 11/01/2003 Saturday 06:00 am Sat 6 am Chartered made a sharp move in Singapore and Nasdaq, closing at 0.85 in Nasdaq and Stats at 1.29. Chartered next barriers seen as 0.89 and then 0.95. Stats targets at 1.38 and 1.43. Datacraft turns on charts and next targets at 0.77 and 0.825. Food sector did well and Pfood and Ufood seen leading the way higher with volume improving. STI made rounded bottom at 1316 and test of 1383 possible next week. The Dow and Nasdaq made good gains despite weaker than expected non-farm payrolls but many suspect the numbers were distorted by season factors and an improvement seen this month. Monday in US may set the pace for the week as retail sales numbers released for December could see a turn in spendings by retailers. Jan 17 could set the tone for the tech sector with capacity utilization expected around 75.6%. Tuesday 6:20 am The Dow and Nasdaq moved up nicely as the markets are cheered by Bush $600 billion stimulus package. The play on tech and telco could see some flow in the Singapore bourse. NOL could face some downward pressure with the stepping down of the CEO. Support is at 0.86. Stts closed at USD7.36=SD1.28, Chartered at USD4.48=SD0.785 and Creative at USD7.50=SD13.10. Thursday 6:20 am Good tidings today as the Dow and Nasdaq rallied sharply 265 and 49 points respectively. Manufacturing numbers were sharply higher than the concensus expected and the street grew in confidence that next week's could see good earnings from corporations when the reporting season kicks in. Treasuries were sold off as a strong first quarter could lead to speculation that the Fec may have to reverse its easing policy to tightening to curb inflation and this is lent a helping hand from strong oil prices which moved past $30 per barrel. STTS, CHRT and CREAF is up 5-7% and this means a strong day for most tech stocks. Penny IPOs which were up yesterday could head up before taking a break on profit-taking later in the day. Here's wishing everyone a Happy and Prosperous New Year and may 2003 be a year when peace returns to this maligned and troubled world. Monday The Dow may ease further today as concern over North Korea's defiant stance by restarting its nuclear warhead program. The possible opening up of another battle front for the US is troublesome for the US hawks as it does not desire diversion from its single-mindedness in its preparation for a war with Iraq. The Pentagon is placing out its troops in the seas off the Arabian gulf and it is now quite clear that a war could start sooner rather than later. With the US hell bent on taking on Iraq, North Korea's stance has thrown a spanner into the US war machinery. The Dow is still weak as charts portends losses ahead this week; geopolitical events are the focus and as it stands more war talks could be jaw-boned by US leaders this week. Sat 12:30 pm The Dow dropped 129 points and with charts looking weak, further losses to 8222, 8120 and then to 8000. Nasdaq too shows weak signals and losses seen next week. The major Dow target lies at 7837 and a rally is expected towards the end of the first week of January 2003. Previous commentaries DISCLAIMER This is a free site and all views expressed here are not an inducement to trade or invest. The reader should be aware that investment and share trading have inherent risks and the author shall not be responsible for gains or losses incurred whatsoever. |
| Tanker's Elliott Wave Free Site |
|
| Free E-Mails are sent to those on mailing list. For those who are interested to be on mailing list, please provide full name, age and occupation to tanker333@hotmail.com |