Last night Dow was up 276 points thanks to a drop in oil prices and also better than expected report from Wells Fargo bank. Our market as expected bounced 6 points in the morning but not expected to last.
Oil was steady at USD134.90 Thursday in Asia after plummeting more than $10 a barrel in the previous two sessions as evidence mounted that record prices are slowing U.S. demand.
At mid day, Hong Kong was up 545 points(2.57%) , Japan's Nikkei up 122.32 points(0.96%) and Singapore up by 44.2 points (1.56%)
News of Anwar Ibrahim's arrest yesterday would keep investors on the sidelines.
Strategy-wise, investors should trim positions on rebounds as we are still in bearish mode. One should not be a hero and trade against the major trend.
For short term trading, can still focus on Gamuda. Buy on retracement to 2.35 level. News of major Middle East buyer will keep prices steady.
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