Daily Market Opinion for 16-Apr-2013

STI failed to keep its heads up yesterday as market participants were still in the state of cautiousness and they were unwilling to commit into long positions. The week opened with a slight gap down in reaction to last Friday’s weak DJI closing. There were attempts to rebound during the morning trading session but it encounter sellers waiting to exit the market at higher level. Eventually, the selling pressure builds up and caused STI to drop gradually during the day. 3280 support level was being tested and the support managed to hold. However, the rebound was not strong enough to help STI to recover back to its opening levels. Eventually, STI closed with 9.82pts lower and ended at 3284 level. Last night, DJI was down 265.86pts lower after a bomb blast happening in Boston which killed 2 people. Will this bomb blast affects ...