| 05/20/2003 Tuesday 07:35 pm Tuesday 05/20 7:30 pm The strong rebound of speculative stocks such as TT International, Horizon, TAC etc suggest that the play may not be over just yet. After four days of non-stop selling, the buyers are back in force but most displayed neutral patterns which may mean that the climb up could be jerky. The market could be looking out for the results of Home Depot and HP which may set the tone for tomorrow's market trend. Chartered and Datacraft both made reversal patterns and chart signal strength. Penny stocks have made key reversal pattern and near term, the trend stays up. Home Depot results if within market expectations may gave an impression that the much feared stagflation worries may be lessen as strong earnings suggest that property prices are likely to stay firm which may counter the weakness seen in the durable goods and cosumerable segments. That could also mean that the Fed could aim for a rate cut at the next FOMC meeting on 24-25 June. Over here, some signs of interest in properties are showing up in the recent new home sales. Kepland, City Dev and Capitaland may see firmer prices over the medium term when the SARS matter is blown over. Keep a close watch on the US Dollar direction as it has become one of the key factors for the recent Dow weakness. 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. |
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