Dow recovered last night to end the day at 13,543, down 52pts while the broader S&P500 shed 7pts to 1,502. The Dow fell sharply throughout the day after Citigroup Inc. said it will report as much as $11 billion in additional writedowns. Financial stocks such as securities firms also dropped. Dow 'should' continue to ease to around 12,900 or at least that is what I expect.
STI held the 3,660 support yesterday but KLCI fell below the 1,388 support. However, the Hang Seng is expected to fall further in the coming days. Since HSI has been the leader in the current rise, a fall in HSI would likely affect both market here. It may try to rebound today after 3 days of selldowns. So, both the KLCI and STI could rebound today. Do note that the sellers appears to hv the edge in the short term. I expect more selling to take place in the coming days.
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