Daily Market Opinion for 12-July-2013

STI performed the best bullish day of the year yesterday. It gained a whopping 60.88pts yesterday after remarks from Ben Bernanke hinting that the bond buying package might have to remain. This brought a sudden change of attitude in the market as it had been correcting due to the expectation of withdrawal of the stimulus. STI opened with a strong gap which broke 3200 level directly. Buyers were seen rushing into the market which pushes STI even further towards its recent high level of 3240. Before closing, STI managed to stay above 3240 level and close at 3248 level. Last night, DJI continued closed bullishly for a new high with 169.26pts higher. Will STI be able to sustain its breakout today? Have the tides of the market truly turned?

STI closed with a long white candle which shows confidence in the bullish momentum. ...