Daily Market Opinion for 31-Oct-2012

STI managed to rebound slightly yesterday and recovered above 3030 level. Lacking of leads from DJI from the previous night, STI opened slightly higher and above 3030 level. Sellers continued to be seen during the day which pushed STI to as low as 3028 level because of weakness in HSI during the day. However, bargain hunters were seen supporting the market to push STI back as high as 3040 level before profit taking at the end of the day. This volatile session ended at 3038 level with 9.12pts higher, trading volume remains below average. Last night, DJI continues to be closed for trading as Hurricane Sandy continues to unleash its might. Will STI be able to sustain above 3030 support level? Can a rebound happen for STI to continue its sideways formation?

Despite the volatility during the day, STI managed to form a ...