Daily Market Opinion for 10-Oct-2013

Daily Market Opinion for 10-Oct-2013

STI continued to inch up yesterday as US president Obama had elected a new chief for Fed reserve yesterday. Asian market cheered with the move as the likelihood of “easy money” policy is speculated to continue. STI opened in red at first but it managed to recover during the day as buyers entered the market to support the price. This bullish movement during the day have helped STI to reach as high as 3162 level before ending at 3154 level. A total of 8.34pts was gained yesterday despite the bearish start. Trading volume continues to be weak yesterday. Last night, DJI ended with 26.45pts higher after the announcement of new Fed chief. Will STI continue its bullish streak today? Have it faced resistance already?

STI’s ability to rebound from the bearish opening is certainly showing that the momentum had started to shift to …