Daily Market Opinion for 20-Dec-2013

Daily Market Opinion for 20-Dec-2013

US tapering turn out to be giving positive effect to the market yesterday instead of the expected panic in the market. STI was able to open strong yesterday morning as STI reacted to the strong DJI closing on the previous night, thus breaking the resistance at 3065 level. However, the strong opening was short-lived. Market participants started to doubt the upside after HK market opens. HSI slips into the red territory during the day and caused STI to follow bearishly. STI started to return its gains during the opening and started to approach 3065 level again. STI was momentarily in red but bargain hunters were in to support. Hence, STI was able to close at 3070 level and maintain its gains of 8.45pts. Last night, DJI was not being able to continue its strong bullishness and closed flat with 11.11pts up. Will STI …