Daily Market Opinion for 21-Nov-2012

Daily Market Opinion for 21-Nov-2012

STI continues to trade higher yesterday but there wasn’t much gains being made. The opening comes in a gap up motion and it was able to sustain only for the early trading session. STI hit as high as 2973 level before it started to retreat towards its previous day’s closing price. Region market went into the red zone causing traders to be worried about the sustainability of the rebound. Furthermore, Olam lifted its trading halt yesterday after being allegations by Muddy Water. Olam plunges after the halt, wiping off partial of the gains from the market. Eventually, STI ended at 2958 level with merely 7.89pts of gains. Last night, DJI struggled to keep up with its bullishness and it had a volatile intraday session ending with 7.45pts down. Will STI be able to continue its bullishness again? Or will today be a turning …