Anyway i am sticking to my short for now as 21k looks to be selling off everytime we trade there. Is it luring shortists? ot is it ready to kill longists? Market seems to be waiting for some news.. the better than expected US retail sales couldn't spark a rally... i need a set of bad jobs data for now on Thursday.. :P
StraitsAsia: MTL level coming up... my idea is to fade the breakout. If wrong, wait for a natural reaction before somersault to long. This is because, after 6 months of non stop rally, market should take a breather by a brutal correction to wash out weak holders. The situation now is, alot of people are adopting a buy and hope style - "When retrace, no problem it will go up"... with more and more such market participants, soon the supply of buyers will dry up as many are vested. Without buyers, the rally can't sustain.