Daily Market Opinion for 19-July-2013

STI showed yet another day of cautiousness as market participants were awaiting for the completion of the FOMC meeting in US. There was no strong reaction in the market during the first day of the meeting as there are no surprises. STI opened slightly higher, recovering its previous day’s losses. There were attempts to trade higher during the morning session but it does not show any strong conviction in the attempts. Sellers were soon to overwhelm the market again during noontime as market participants avoided to buy into the market. This caused STI to hit as low as 3210 level before rebounding to close at 3218 level. STI had gained 9.87pts yesterday. Last night, the FOMC meeting had no surprises and DJI reacted positively to the closure of the meeting. DJI closed with 78.02pts up. Will STI also react positively today? If so, ...