Wall Street rebounbed sharply after technology stocks such as Intel, Oracle and Dell surged after Seagate, the world's largest maker of hard-disk drives, boosted its profit and revenue forecast. Apple also rallied on speculation it will start selling new versions of the iPod soon. Dow rose 247pts while S&P500 added 31pts or 2.2%. Tech-heavy Nasdaq saw its biggest rally in a year, adding 63pts or 2.5%.
What does this means for both the STI and KLCI? Well, it means that I was wrong to judge yesterday's fall would be the start of a wave-C down. Instead, it is still in its corrective B-wave that could last for another week or 2. The KLCI could range trade between 1,250 and 1,300 while the STI could range trade between 3,200-3,450.
I am still a believer that there is a C-wave will take place soon. I also believe that it is only AFTER this C-wave that the market can rally again into 2008-09. So ppl, be wary of this 'rally' as B-waves are usually bull traps. Maintaining the sell on strength strategy.
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