Oww man... this is the second time that nothing came out...must be my office's internet :(
Dow turned down yesterday, closing 86pts lower. Regional markets should continue to ease a little. Yesterday, there is a bearish engulfing candle on the STI. It is a sign of a possible top for STI. It needs to close below the 3,800 to confirm the change in trend. Otherwise, it could continue to climb.
KLCI continues to climb higher but the big 3 of TMT is still under selling pressure. This could be fund managers are recomposing their portfolios, reducing the TMTs and adding counters like Sime, GHope (for Synergy Drive) and construction counters like Gamuda and IJM. Penny stocks would remain in the limelight but could be under a bit of selling pressure after strong gains lately.
Both the KLCI and STI are in overbought situations and may come under some selling pressure due to profit taking activities. Just be careful when trading as a pullback could take place soon (either this week or next). Besides, just keep in mind that Black Monday took place on October 17th 1987.
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