Daily Market Opinion for 24-Sep-2013

STI started a brand new week with a bearish note yesterday. This is the aftermath of sharp rally for the past week as traders are keener to profit take. The day started with a gap down action as it reacted to last Friday’s negative closing by DJI. There were initial attempts to trade lower during the morning trading session but the downside was limited by buyers. During lunch hours, STI was then able to rebound and stay at its opening levels and throughout the rest of the day. This was due to lack of trading activity as the market continues to stay cautious during this retracement action. Last night, DJI was seen dropping slightly with 49.71pts down. Will STI be able to recover its lost grounds today? Or will it continue to fall today?

The expectation of STI to start the week with retracement ...