Daily Market Opinion for 26-July-2013

Yesterday, STI had ended its 3 days of winning streak with strong profit taking action happening. The day started with a slight gap down as it reacted to the negative closing of DJI on the previous day. As there is lacking of new bullish catalyst to boost the market, market participants decided to take the opportunity to take profit off the market while buyers were happily staying aside. This caused selling pressure to happen through the day and soon, 2 days worth of gains were returned quickly within a day. The drop yesterday seems to be a drastic move. Eventually, STI closes at 3235 level with 39.08pts down for the day.  Last night, DJI managed to reverse their losses slightly by gaining 13.37pts. Will STI be able to gain back some of its losses yesterday? Or will there be more room for STI ...