Indecisiveness continue despite Cyprus bailout news

Indecisiveness continue despite Cyprus bailout news

Last week, Cyprus bailout news sends a shockwave to the market. Straits Times Index was seen heading lower last week as the market digested the bad news. However, the bad news was not as bad as it though. Strong selling pressure was only seen on the first day of the week and rebound action was immediately seen on the next day. Another wave of selling pressure happened on Wednesday but the losses were being erased by the rebound on the next day. There is definitely indecisiveness in the market last week despite experiencing bearish movements. For the week, STI was down 27.48pts and close at 3258 level; A few points below the support level of 3260. Will Cyprus bailout news cause further selling pressure this week? Will it be a good time to start looking into taking long positions right now?

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