Daily Market Opinion for 04-Jan-2013

Daily Market Opinion for 04-Jan-2013

STI continues to trade higher yesterday as optimism continues to lead the market. STI opened with a gap up action in reaction to DJI’s overnight rally. There was buying strength during the opening hours but it was quickly being put off by profit takers when HSI opened weakly. The selling pressure continues for the rest of the day which causes STI to hit as low as 3209 level which closes the gap before the rebound action starts. Right before closing, buyers entered the market again to lift STI back to its opening levels to close it at 3224 level. STI managed to retain its gains with 23.06pts higher for the day. Last night, DJI failed to maintain its bullishness as profit taking actions were seen. DJI closed with 21.19pts lower. Can STI continue to surge higher today? Or will STI continue to face …