| 17/11/2002 Sunday 07:30 am Sunday 17/11 The Dow recorded 6/6 and that is something unusual for a market that had seen prices falling like ten pins since May 2001. The week ahead in Wall Street is expected to be driven by geo-political rather than economic events. Figures to be released next week such as CPI, housing starts are not earth-shaking by tradition and the focus could be on developments in the Middle-East and the progress of the UN weapons inspection team when they move into Baghdad. Over here, the focus could be on IPOs with the first listing after several montsh of drought - A-REIT. This is a proxy to the bond market as price is determined largely by the yield and the quality of the security. With yield at 8% at the price of $0.88, this reit could attract European and US funds looking for alternative investments to shift their funds from the falling yield of their securities. This is made more so with the latest Fed rate cut. Tues 05/11 Though interest rate could be cut in the next FOMC meeting -due Wed 11/06, it is still a wild card out there on how the market would react to the 'good' news. Now that Rumsfeld has spooked the market with his call for National Guards to get ready for deployment, the rate factor will be diluted and any strong rebound would be followed by selling from skeptics. The STI has been slowing recently and downside risk remains. See supports at 1425 and 1405. Fri 01/11 Last session's unemployment report has cast a gloom on the market as blue chips are taking a hit. Wall street too is taking a breather and with Dow capping at 8559 for the short term, downside risk remains when tonight's job numbers are revealed. That the Fed could cut rate next week may not have too great a play right now as the technical stance is one that is of overbought nature. See test of former low of 8198 for week ahead. 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. Previous commentaries |
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