Daily Market Opinion for 19-Nov-2013

STI started the week flat despite its strong opening due to positive sentiment from the US market. STI opened with a strong gap up to 3215 level and managed to maintain the bullishness during the morning hours. A high of 3218 level was reached but it failed to continue on its upside. Selling pressure started to set in around noontime despite strong performance by HSI. Strong positive vibes were seen in the China and Hong Kong market but this did not help to lift STI back to its opening levels. Instead, STI retraced during the day and return towards 3200 level. Eventually, STI closed at 3203 level with only 1.76pts up for the day. Last night, DJI ended flat with 14.32pts up. Had STI lost the bullish momentum again? Will STI be able to revive its bullishness today?

Yesterday’s intraday movement by STI ...