According to Bloomberg news, U.S. stocks posted their first weekly gain this month after investors speculated that the worst of Wall Street's mortgage losses have been disclosed and Wal-Mart Stores Inc. boosted its earnings forecast. The S&P 500 added 0.4% this week to 1,458.74. The Dow Jones Industrial Average rose 1% to 13,176.79, and the Nasdaq Composite Index gained 0.4% to 2,637.24.
Homebuilders and banks may face further declines this week. Economists expect reports to show U.S. housing starts fell to a 14-year low in October, signaling the real-estate slump will
continue to weigh on growth. Is this going to be the final leg down before the BULL arrives? Maybe. It all depends on Dow's performance this week. Can it hold its support at 12,840-12,878?
STI is back down to its 50% Fibo support at 3,434. Its 62% Fibo is at 3,322. The strategy for the Spore market is to nibble between these levels. Longer term, I am looking at 4,022 at least.
KLCI should find support around the 1,366-1,380. Similarly, the strategy is to pick up good stocks between these levels. Longer term, I am looking at 1,490.
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