Happy Chinese New Year 2014.
Just came back to work. The Horse Year seem to start off at a "wrong footing". Perhaps, it is kinda of within expectation when the STI is not able to hold above 3120.
On 28 Jan 2014, we saw signals of optimism. But this was quickly evaporated with the failure to close the gap down (3038 - 3076) and then swiftly followed by another gap down (3027 - 3048). About half an hour ago, the market just open with another gap down at opening. The market continued its bearish mode (almost reaching for an extreme level, as indicated by the Daily RSI), fuelled by weak economic data, US Tapering, Yen Strength, and emerging market outflow of liquidity. And as indicated by the weekly chart, it has moved into a confluence zone (waiting to see if the Weekly RSI will also reach an extreme level)... Looking ......
