Daily Market Opinion for 9-Nov-2012

STI retuned its gains yesterday in reaction to DJI’s plunge on the previous night. It started with a gap down opening which erasing all the previous day’s gains. Attempts of rebounding during the early morning trading session was seen to as high as 3019 level before  sellers sets in. Concerns of shift of power in China leaders affected the market strongly yet. Dramatic selling strength was seen during the mid of the day before the flat European market helped STI to rebound. STI hit as low as 3002 level before it recovered. Eventually, STI close near its opening level and ended at 3012 level with 31.02pts down for the day. Last night, DJI’s positive opening failed to maintain its strength and came tumbling lower before closing. DJI was down 121.41pts last night. Has STI confirmed its downtrend formation? Will there be an opportunity ...