Daily Market Opinion for 04-June-2013

Yesterday, STI slide for four straight days after the market lost confidence last week. The opening was weak as STI opened with a gap down in reaction to the bearish DJI closing. Sellers were eager to exit the market in the morning as they were fearful that the market will drop further; reaching as low as 3279 level. However, supporters at 3280 level went into the market and support the support level, causing a rebound to happen before lunch hours. These buyers pushed STI to as high as 3304 level and this helped STI to cover its gap down during the opening session. However, this rebound attracted another flow of sellers which pushes STI back to its opening levels. Eventually, STI ended up with 20.29pts down at 3291 level. Last night, DJI managed to stage a rebound and close with 138.46pts up. Will ...