Posted on June 4, 2009 - by kevinscully

Where is the correction?

Photo by filtran

…looks like the underlying liquidity of those who missed the rally will keep stocks and markets underpinned

Have been busy doing some “national service” and seeing companies over the last week. Meanwhile the markets have rocketed away and hit the 2440 target of the STI which if you recall was the index target which I derived using the highests target prices for one third of the STI Index stocks of analysts.

I am still waiting for the correction but it seems that the underlying liquidity of investors who did not participate in this rally or who came out early in this rally (i am in this group) will keep shares and markets underpinned for now. The chart on the STI Index below shows that the next major resistance for the STI Index is 2800 while an ex-GIC fund manager told me he was looking at 2500 to 2600. Read more…

Related posts:

1. Is this the start of a meaningful correction ???…..a fund manager told me another 10-15% down !!!!
2. Wait for market correction
3. Trend Watch: Singapore Market still looking for that correction