Daily Market Opinion for 6-Dec-2012

Daily Market Opinion for 6-Dec-2012

STI rebound off from its gap support yesterday as optimism starts to rise in the market again. STI opened flat and buyers started to creep into the market during the opening session. Most of the optimism arises when HSI opened with a strong gap up and while it retained it bullishness throughout the day. STI struggled to head higher despite the optimism as the resistance at 3085 level continues to cap STI’s upside. The mid day trading action was stuck in the range between 3072 – 3076 range. Due to HSI’s strong closing, STI hit as high as 3080 level before profit taking actions starts to set in before market closing. Eventually, STI ended at 3075 level with 13.80pts higher for the day. Last night, DJI managed to gain 82.71pts as the dangers of “Fiscal Cliff” start to wear off. Can STI continue …