Wall Street rebounded strongly last night. Without a shadow of a doubt, the markets in Asia would rebound as well. Nevertheless, investors ought to take caution when chasing the market upwards as this would likely be a REBOUND only. This is a market for traders and not for investors. Investors should continue to unload their shares as the market rebounds.
KLCI - it failed to test the 1,275-1,285 support yesterday. With Wall Street rebounding, the KLCI should also tag along for the ride. I see resistance around the 1,325-1,334 level.
STI - Tested its 3,300-3,330 support yesterday. Should rebound from its support today. Most of its stock are currently trading just above their 200-day SMAs. The selling would start again as soon as the buyers are exhausted. It is also best to sell on strength here.
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