Wall Street crashed again last Friday. Dow and S&P rebounded to the 38% Fibo mark before the bears hit the sell button again. It looks like there is no respite there just yet.
As for KLCI and STI, expect more downside for today and tomorrow. I see strong support for KLCI at 1275-1285. There is a chance that it may even fall to 1,200 (38% Fibo) but we may have to see if the 1,275 support holds or not.
For STI, the strong support is now at 3,300-3,330. Should it head back to its 38% Fibo, then it could fall to 3,100.
Refrain from buying just yet. Funds with deep pocket could start nibbling but for retailers it maybe best to stay away for now. Take a holiday and come back in a few weeks :)
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