Wednesday, September 07, 2005

Very Muted Market

Dow Jones and Nasdaq up by 1% each overnight. Oil price continued to slide. Most thought today, the market will fourish. Yes, we started brilliantly but it was shortlived. The volume became weak. Not many buyers storm into the market. Neither were there serious seller. I too can't comprehend why is there a general weak volume despite positive factors. Did the general market know something I did not know? Let's see what will happen tomorrow. Nothing interesting to plot in a quiet market.

Property counters continued to hold their price on support. A continuation from Monday. Marine stocks, after the big drop on Monday, it did not follow through. This could be the final shakeout before another swing to new high.

Even for our SIMSCI index, it's like watching cat walk with the price travelling up and down the chart like walkway. I see higher lower shadow and lower upper shadow. Looks like it's going into a squeeze. The breakout is either upside or downside.....not worth my money to punt at this stage.

SIMSCI Strategic update: Waiting patiently at support 267.7 , Resistance at 274.8