After a spectacular Monday, we sucuumb to profit taking. It was a broad based accross the board selling after the morning gains fizzles away. I think this is reasonable and healthy as long as support are not breached. Market seldom travel 1 striaght line up. Selling has not been very heavy. Property counters selling pressure was very well absorbed. Look out for late buying. This is the sign of a bullish market.
The limelight was casted on SPH who had released it's FY05 results. While the result was better than what analysts estimated. There was no bigger dividend as the full year dividend stood at 0.22 per share for FY05. The recent run up was based on better than expected dividend giveaway. I advise caution for tomorrow's opening bell. Market's reaction to this news is important. It formed a small body with upper shadows and lower shadows. Nothing bearish. It is just an expression of indecision.
I am still holding on to my simsci long contract from Monday. It tested 279.9 today and I thought 2800 was imminent. Alas, it only manages to close at 278.9. If global indices show strength tomorrow, i'm sure 2800 will be breached! Best is a gap up!
DBS was simply breathtaking. On the way to test it's $17.00 high. The chart was posted yesterday. I hope it benefited some of the readers. : )
No charts tonight as I didn't see any equity worth the risk/reward.
