| 04/12/2002 Wednesday 08:30 pm Wednesday 8:30 pm Today's plunge suggest weakness ahead for the market and downside risk lies at 1326, recent former low. Tech stocks were battered and part of the reason may be the sharp gains of past week for Chartered, Datacraft, Venture and Stats. With the long weekend looming ahead, today's selling may be a 'play-safe' strategy by short term investors. This is not helped by selling from some funds which could be trading the market on the sell side. 6:00 am Dow ended lower and so too with Nasdaq. The AOL-lowered guidance sent most tech stocks lower. Singapore ADRs are mostly down and they are: Stats US$8.56=S$1.51, Chartered US$6.12=S$1.08, Creative US$8.04=S$14.20. The big news after the market closed is Hewlett-Packard cost reduction of $3 bln which is one year ahead of schedule. Despite the news, it is off slightly in the after market trading hours. Generally, a slow session ahead but focus on M1 which could trade within range from 1.32 to 1.42. Support expected from funds which did not fill up their quota on the stock at time of placement. Upside seen capped by sell orders from stags. CM Tel, a telco stock reported a return to profits and most of the gains came at the back of strong growth in IDD services. This IDD sector may be the next engine of growth for M1 which current has just 5% of the market. Meanwhile, in the geo-political front, Iraq has squashed fears of failing to comply with UN requirements by stating that they will supply details on their weapons of mass destruction to the UN before Dec 8. This should allay some market concern and it could shift the focus to US economic numbers. The next important set of numbers is due on Friday and this is the unemployment figures. Being widely watched, it may set the tone of the market for the short term. Some reports coming through suggest a return to growth with nonfarm payroll expecting near 55K. For those who missed NOL and Chartered wave count, pls email to tanker333@hotmail for a copy. Pls give name, age and occupation for record purposes. 00:00 am Wall street is down at the opening hours as financials weigh down the market. Tech are weaker due largely to AOL warning of lower advertising revenue. For Elliott wave count on STI, email to tanker333@hotmail.com NOL released report of new route which is seen as a positive development. Tuesday 10:35 am Chartered moved higher at the back of better than expected outlook for Q4. Datacraft made its move and clearing 0.815 could see moves to 0.89 and then to gap of 1.03. The regional telcos are heading north as the worst may be over for the next few months for this sector. Maxis in KLSE is well supported at RM5.60 way above its IPO price of RM4.85 to institutions and RM4.35 to retail investors. TAC is up 3 cents at 0.69 and together with Indosat which is now at RP 8550. Singtel which is languishing at 1.32 could see surge in interest when M1 is listed tomorrow. Of the total issue size of 600.5 mln shares, institutions took up 88% or 526,395,000 shares. Saturday 11:30 am Technical view and wave count for NOL and Chartered posted by email to mailing list. Included in the review is an insight into the M1 IPO. Those keen in getting a copy, pls click here. Previous commentaries |
| 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 |