Tuesday, June 02, 2009

Bulls over-shadowed

The market turned soft after lunch along with the big gap down by HSI. Being long on two stocks, i would have loved to see another bullish day. Unfortunately market decides to pull back. Although it is normal for market to pull back after the strong rally on Monday, but while screening the whole market, i found alot of bearish candles lying around.. those with high upper shadows.. Some even formed bearish engulfing pattern. Even STI closed rather weak off the 2400 gate. Where is the bull strength it exhibits weeks ago?

Property sector exhibits extreme weakness. After leading STI to clear the 2280 level, they showed great selling interest. What if last rally was due to window dressing? Usually they will undress, is the market experiencing undressing? If weakness continues tomorrow, i will watch those key support levels closely. Lets cross our fingers that this is just an intra-week pull back.

Financial stocks? Though STI broke through 2280 successfully, this sector has been rather mixed and muted.. most of them has yet to break their previous high. I wonder isit possible for the market to crash sharply while we no see banks break those highs? nan dao... it's a chance to....

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