Let me start the day with an introduction to yet another new service! GrowMoney Insurance !
No one plans to fail, but many fails to plan. Through this site I hope to discuss insurance products or issues as I found many of my friends either don't know what policies they hold or understand too little of their rights. It is so unfair to blame insurance when in the first place people buy blindly (me included). haha! Ok let's continue to the market sentiment.
STI sank by about 1% on a volume greater than the 14 day average. Doesn't sound too positive to me. Further analysis through the 758 stocks showed that all is not lost yet as most of the bluechips remained unhurt. There were more volume in going up than down. Hence I remain cautiously confident of a higher high in our stock market.
Looking at the STI chart plotted on Sunday, we had hit the resistance line and fall back. I see support at 2298 there about. If we are able to touch and rebound off there, it will record a third higher low and we can be on our way to a third higher high. A sign of up trend. I remember many analysts calling for a correction before the Christmas rally. Well, this is it, in the next few days we will know. If you had followed my journal, it is interesting to see how i was unable to find a good risk/reward stocks to invest in since Sunday. Coincidence? ; )
No charts tonight as the general direction is unclear. To me, it is more risk than reward to get invested at this stage. I did saw Metro Holdings and Labroy Marine broke out of 50 days average volume. But since there were no visible chart patterns, i prefer to opt out.
Good luck to all the brave hearted! : )
