The market showed a glaring no follow through in buying where most of the stock went under profit taking. A slew of economic data are due from the US. Bush and Ben assurance about economy and credit crunch did not have any impact outside US as all other regions succumb to weaker closing. Nothing bearish as yet as there were no massive selldown not including Midas.
If we are at the early stage of recovery, sector by sector, interest will rotate in. It will not be good to see one sector after another showing "stalling" actions. Which means massive volume yet prices refuse to close higher. However i don't rule out one more leg down. This is because the current psychological state of market participants should be nervy and quick to profit. So long price doesn't move up further, common thinking is to sell first. Hence it is important for me to track the 4 sectors as mentioned yesterday for any clues of market direction. Since tomorrow is already Wednesday then Friday's closing should be easier to anticipate.
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XPertTrader Screening:
Results for potential short term price pattern: (Pending breakout for swing trade)
AdvHldg, Tiongwoon, LC Dev
Results for unsually big volume: (Pending short pause after sharp rally)
Sinopipe, STX, Sino-Env
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
