KLCI close with a last min jerk to 1393.25. Still trading within the range.
Thursday, January 31, 2008
4:49 pm - Chart of the week - Perisai is congesting at this range.
Too many good news are out on this, so insiders maybe distributing.
10:06 am - BJToto favoured by the owner - Vincent Tan
Vincent buyback his company shares and the company had share buyback of 466,000 shares @ RM 5.18 on 30/01/2008. Look out for this counter.
Put a resting buy order at RM 4.80-4.90
9:38 am - KLCI is reacting mildly to US FOMC +50 basis points.
No big surprise or dissappointment ! Hopefully, it is a rebound day !
Wednesday, January 30, 2008
5:49 pm - KLCI pattern is bearish with a doji + medium range bar
I think KLCI is very bearish and likely to move sideway.
12:50 noon - Interesting news !
Malaysia's plantation sector upgraded as selldown overdone - Kenanga
KUALA LUMPUR (Thomson Financial) - Kenanga Investment Bank said Wednesday it has upgraded Malaysia's plantation sector to "overweight" from "neutral" as the recent selldown of plantation stocks was overdone. Crude palm oil (CPO) prices are expected to outperform expectations, it said. "Fortune favors the bold, (so) this is an excellent opportunity to buy quality planters such as Kuala Lumpur Kepong, Asiatic Development and Hap Seng Plantations which are trading at below 15 times price to earnings ratios,'' said analyst Yin Shao Yang. "Tradewinds Plantation, which recently staged an astounding recovery in earnings, is trading at only nine times 2008 price to earnings multiple," he said. Kenanga has a target price of 22.0 ringgit for Kuala Lumpur Kepong, 10.0 ringgit for Asiatic, 4.38 ringgit for Hap Seng Plantations, and 5.25 ringgit for Tradewinds Plantation. It has a "trading buy" call on IOI Corp, the second largest plantation company in Malaysia, with a target price of 8.45 ringgit. The stock has more upside potential than downside risk "given the management's penchant for mergers and acquisitions," said Yin. At 11.26 am, Kuala Lumpur Kepong was up 20 sen or 1.2 percent at 17.60 ringgit, Asiatic dropped 10 sen or 1.2 percent to 7.95 ringgit, Hap Seng Plantations edged down 2 sen at 3.10 ringgit, Tradewinds Plantation edged up 2 sen at 3.58 ringgit and IOI Corp was unchanged at 7.25 ringgit. Kenanga has also upgraded its 2008 average CPO selling price forecast to 3,100 ringgit per ton from 2,700 ringgit as it expects CPO prices to continue to outperform. The benchmark CPO futures contract for April last traded up 49 ringgit at 3,249 ringgit per ton. It hit an all-time high of 3,420 ringgit per ton on January 14. "The palm oil balance is not nearly as tight as that of soybean oil but palm oil prices are poised to track higher soybean oil due to substitution buying,'' said Yin, referring to the use of palm oil as a substitute for soybean oil. A recession in the US will likely not hurt CPO prices as well, he said. "(CPO prices) will be unperturbed by an impending American recession,'' said Yin. "We quantified that the correlation coefficient between CPO selling prices and the Dow Jones Industrial Average over ten years is very low at 0.22. "This finding is not surprising as the market for palm oil is largely in Asia and not the United States," he said. The two largest buyers of Malaysian palm oil are China and India. Malaysia and Indonesia are the two biggest palm oil producers in the world.
KUALA LUMPUR (Thomson Financial) - Kenanga Investment Bank said Wednesday it has upgraded Malaysia's plantation sector to "overweight" from "neutral" as the recent selldown of plantation stocks was overdone. Crude palm oil (CPO) prices are expected to outperform expectations, it said. "Fortune favors the bold, (so) this is an excellent opportunity to buy quality planters such as Kuala Lumpur Kepong, Asiatic Development and Hap Seng Plantations which are trading at below 15 times price to earnings ratios,'' said analyst Yin Shao Yang. "Tradewinds Plantation, which recently staged an astounding recovery in earnings, is trading at only nine times 2008 price to earnings multiple," he said. Kenanga has a target price of 22.0 ringgit for Kuala Lumpur Kepong, 10.0 ringgit for Asiatic, 4.38 ringgit for Hap Seng Plantations, and 5.25 ringgit for Tradewinds Plantation. It has a "trading buy" call on IOI Corp, the second largest plantation company in Malaysia, with a target price of 8.45 ringgit. The stock has more upside potential than downside risk "given the management's penchant for mergers and acquisitions," said Yin. At 11.26 am, Kuala Lumpur Kepong was up 20 sen or 1.2 percent at 17.60 ringgit, Asiatic dropped 10 sen or 1.2 percent to 7.95 ringgit, Hap Seng Plantations edged down 2 sen at 3.10 ringgit, Tradewinds Plantation edged up 2 sen at 3.58 ringgit and IOI Corp was unchanged at 7.25 ringgit. Kenanga has also upgraded its 2008 average CPO selling price forecast to 3,100 ringgit per ton from 2,700 ringgit as it expects CPO prices to continue to outperform. The benchmark CPO futures contract for April last traded up 49 ringgit at 3,249 ringgit per ton. It hit an all-time high of 3,420 ringgit per ton on January 14. "The palm oil balance is not nearly as tight as that of soybean oil but palm oil prices are poised to track higher soybean oil due to substitution buying,'' said Yin, referring to the use of palm oil as a substitute for soybean oil. A recession in the US will likely not hurt CPO prices as well, he said. "(CPO prices) will be unperturbed by an impending American recession,'' said Yin. "We quantified that the correlation coefficient between CPO selling prices and the Dow Jones Industrial Average over ten years is very low at 0.22. "This finding is not surprising as the market for palm oil is largely in Asia and not the United States," he said. The two largest buyers of Malaysian palm oil are China and India. Malaysia and Indonesia are the two biggest palm oil producers in the world.
Tuesday, January 29, 2008
5:04 pm - PBBank is set to go higher !
The market may continue to go up until ex-date. One strategy is to get out one day before ex-date and not received the dividend and later buy back after the dividend is paid out and have the price adjusted. You can get more this way.
2:46 pm - KLCI maybe moving sideway - just like in Aug 07 and Oct 07
The market range sideway for a long period after the subprime falls in Aug 07.
9:45 am - KLCI is up due to DJIA up with forecast of 50 basis points.
One of my clients trade with a 3 MA and 7 MA. When they cross up, KLCI will go up. At this junction, KLCI looks to go up.
Monday, January 28, 2008
8:58 pm - KLCI headed lower !
Malaysian shares close sharply lower on Wall St fall, regional downturn - UPDATE (Updating to add analyst comments and share prices) .
KUALA LUMPUR (Thomson Financial) - Malaysian shares closed sharply lower Monday in line with a regional downturn following Wall Street's fall Friday and as cautious investors took profits ahead of rate-setting meetings here and in the US this week. Late bargain-hunting in select blue chips and small caps helped limit the market's fall. Bank Negara, the Malaysian central bank, is widely expected to leave its overnight policy rate at 3.5 percent tomorrow given the uncertain outlook for the global economy. US President George Bush will deliver his State of the Union address later today, with investors looking for further details on Washington's 145-billion-dollar fiscal stimulus plan. Meanwhile the Federal Reserve will begin its two-day meeting on Tuesday. The Kuala Lumpur Composite Index (KLCI) closed down 24.86 points or 1.8 percent at 1,380.54, off a low of 1,372.61. The FTSE Bursa Malaysia 30 large-cap index shed 158.19 points or 1.7 percent to 9,062.75 and the FTSE Bursa Malaysia second board index lost 78.23 points or 1.2 percent to 6,449.87. The plantation sector was the worst performer, with the sub-index losing 265.76 points or 3.4 percent to 7,623.34. Decliners beat advancers 665 to 168, with 186 stocks unchanged and 373 untraded. Trading volume was 727 million shares valued at 1.4 billion ringgit. "Profit-taking set in today after recent strong gains, made worse by investor caution ahead of President Bush State of the Union speech later tonight and the uncertainty over whether the Fed will cut interest rates,'' said S. Sharath, acting head of research at MIDF Amanah Investment Bank. The local bourse will continue to track Wall Street's performance and may stage a rebound tomorrow if investors react positively to President Bush's speech later, he said. "There is a chance that the Fed may not cut rates, as last week's drastic reaction by the Fed appeared to be an inadvertent bailing out of the fraud-fraught Societe Generale's unwinding of long positions," said Vincent Khoo, head of research at Aseambankers Investment Bank, in a note. On the other hand, if the Fed does cut rates, it's likely to spark a rally in Asia. The Fed decision on interest rates is due Wednesday. Sime Darby, the world's largest listed palm oil company, fell 20 sen or 1.7 percent to 11.90 ringgit and IOI Corp, the second-largest palm oil stock on the local bourse, shed 35 sen or 4.6 percent to 7.20 ringgit. Kuala Lumpur Kepong, one of the largest palm oil companies in Malaysia by planted area, fell 20 sen or 1.2 percent to 16.90 ringgit. "Although we believe most funds may still be overweight in the plantation sector, some funds are starting to note that the sector has become 'overcrowded' and have trimmed positions," said Khoo. Among other index heavyweights, Maybank was steady at 11.70 ringgit. Malaysia's largest bank may appoint Abdul Wahid Omar to replace its incumbent chief Amirsham A Aziz, whose term will end on June 30, the Edge Financial Weekly reported, citing unidentified sources. Abdul Wahid is currently the chief executive officer of Telekom Malaysia. Maybank is believed to have submitted a proposal to the central bank for Abdul Wahid to succeed Amirsham, the newspaper said. Shares of Telekom Malaysia were unchanged at 11.30 ringgit and national power utility Tenaga dropped 25 sen or 2.7 percent to 9.05 ringgit. DiGi.com, the local unit of Norway's Telenor, fell 20 sen to 22.90 ringgit as it resumed trade after the formalization of a deal to acquire broadband spectrum from TIME dotCom, a loss-making state-linked carrier. TIME dotCom gained 2.0 sen or 3.0 percent to 69.5 sen. Meanwhile, the Malaysian ringgit was quoted at 3.2420/2450 against the US dollar, while 3-month interbank rates were at 3.61/62 and overnight rates stood at 3.49/50.
KUALA LUMPUR (Thomson Financial) - Malaysian shares closed sharply lower Monday in line with a regional downturn following Wall Street's fall Friday and as cautious investors took profits ahead of rate-setting meetings here and in the US this week. Late bargain-hunting in select blue chips and small caps helped limit the market's fall. Bank Negara, the Malaysian central bank, is widely expected to leave its overnight policy rate at 3.5 percent tomorrow given the uncertain outlook for the global economy. US President George Bush will deliver his State of the Union address later today, with investors looking for further details on Washington's 145-billion-dollar fiscal stimulus plan. Meanwhile the Federal Reserve will begin its two-day meeting on Tuesday. The Kuala Lumpur Composite Index (KLCI) closed down 24.86 points or 1.8 percent at 1,380.54, off a low of 1,372.61. The FTSE Bursa Malaysia 30 large-cap index shed 158.19 points or 1.7 percent to 9,062.75 and the FTSE Bursa Malaysia second board index lost 78.23 points or 1.2 percent to 6,449.87. The plantation sector was the worst performer, with the sub-index losing 265.76 points or 3.4 percent to 7,623.34. Decliners beat advancers 665 to 168, with 186 stocks unchanged and 373 untraded. Trading volume was 727 million shares valued at 1.4 billion ringgit. "Profit-taking set in today after recent strong gains, made worse by investor caution ahead of President Bush State of the Union speech later tonight and the uncertainty over whether the Fed will cut interest rates,'' said S. Sharath, acting head of research at MIDF Amanah Investment Bank. The local bourse will continue to track Wall Street's performance and may stage a rebound tomorrow if investors react positively to President Bush's speech later, he said. "There is a chance that the Fed may not cut rates, as last week's drastic reaction by the Fed appeared to be an inadvertent bailing out of the fraud-fraught Societe Generale's unwinding of long positions," said Vincent Khoo, head of research at Aseambankers Investment Bank, in a note. On the other hand, if the Fed does cut rates, it's likely to spark a rally in Asia. The Fed decision on interest rates is due Wednesday. Sime Darby, the world's largest listed palm oil company, fell 20 sen or 1.7 percent to 11.90 ringgit and IOI Corp, the second-largest palm oil stock on the local bourse, shed 35 sen or 4.6 percent to 7.20 ringgit. Kuala Lumpur Kepong, one of the largest palm oil companies in Malaysia by planted area, fell 20 sen or 1.2 percent to 16.90 ringgit. "Although we believe most funds may still be overweight in the plantation sector, some funds are starting to note that the sector has become 'overcrowded' and have trimmed positions," said Khoo. Among other index heavyweights, Maybank was steady at 11.70 ringgit. Malaysia's largest bank may appoint Abdul Wahid Omar to replace its incumbent chief Amirsham A Aziz, whose term will end on June 30, the Edge Financial Weekly reported, citing unidentified sources. Abdul Wahid is currently the chief executive officer of Telekom Malaysia. Maybank is believed to have submitted a proposal to the central bank for Abdul Wahid to succeed Amirsham, the newspaper said. Shares of Telekom Malaysia were unchanged at 11.30 ringgit and national power utility Tenaga dropped 25 sen or 2.7 percent to 9.05 ringgit. DiGi.com, the local unit of Norway's Telenor, fell 20 sen to 22.90 ringgit as it resumed trade after the formalization of a deal to acquire broadband spectrum from TIME dotCom, a loss-making state-linked carrier. TIME dotCom gained 2.0 sen or 3.0 percent to 69.5 sen. Meanwhile, the Malaysian ringgit was quoted at 3.2420/2450 against the US dollar, while 3-month interbank rates were at 3.61/62 and overnight rates stood at 3.49/50.
4:10 pm - TM is in a beautiful up trend channel
Despite the bad news in the market, TM is trending up nicely !
10:55 am - KLCI trend is still up !
There is profit taking along the way ! Notice the high volume at the bottoming tail. This is a reversal bar with high volume.
Sunday, January 27, 2008
2:32 pm - Chart of the Week - Perisai Petroluem Technology
The bad thing abt this counter is all the good news are out ! But this counter will move upwards for a short while first.
This is a short term trade !
This is a short term trade !
Friday, January 25, 2008
Thursday, January 24, 2008
3:53 pm - KLCI - Many are selling in the rally of KLCI
The charts look awful ! A lot of sellers - seller sell into the rally !
9:20 am - KLCI reacting to Hang Seng and overnite DJIA
KLCI try to touch 1400. I figure this is a dead cat bounce ! If you have any stocks that you will to get rid off. This is the day !
Tuesday, January 22, 2008
10:59 pm - KLCI is at 200 MA support
Any breakdown from 1358 is deemed as bearish and you will see program selling across blue chips share. If it holds, that's good news.
10:41 pm - US Politicians cannot intervene with market forces.
Fed's 75bp rate cut not enough, further easing still needed -- analyst
NEW YORK (Thomson Financial) - The Federal Reserve's emergency 75 basis-point rate cut showed that central bankers are "serious" about preventing further losses in the financial markets but further easing is still needed, said Kathy Lien, chief strategist at DailyFX.com. "With commodity prices falling, the time was right for the Fed to put a down payment on future monetary policy," Lien said. "This is the least they could have done to avert a recession and we still expect another 25 to 50 [basis points] on Jan. 30th because 75 basis-point is just not enough." Earlier Tuesday, The Fed lowered its target for overnight rates to 3.5% from 4.25%, in a surprise inter-meeting move. Interest-rate futures were pricing in a 96% chance of another 50 basis points rate cut to 3% on Jan. 30. Wanfeng Zhou wz/tk1
NEW YORK (Thomson Financial) - The Federal Reserve's emergency 75 basis-point rate cut showed that central bankers are "serious" about preventing further losses in the financial markets but further easing is still needed, said Kathy Lien, chief strategist at DailyFX.com. "With commodity prices falling, the time was right for the Fed to put a down payment on future monetary policy," Lien said. "This is the least they could have done to avert a recession and we still expect another 25 to 50 [basis points] on Jan. 30th because 75 basis-point is just not enough." Earlier Tuesday, The Fed lowered its target for overnight rates to 3.5% from 4.25%, in a surprise inter-meeting move. Interest-rate futures were pricing in a 96% chance of another 50 basis points rate cut to 3% on Jan. 30. Wanfeng Zhou wz/tk1
4:44 pm - KLCI has a support at 1335 now.
There is a triple support here. However, the DJIA, Hang Seng, ShangHai Index triple support all broken and headed down.
Is KLCI experiencing the same thing after Thaipusam ?
3:34 pm - Every counters are in red !
Get out at the next rally if you can ! Do not sell into the panic !
12:44 pm - KLCI is far from turning point now !
The next step will be intervention from the regulatory and Bursa Malaysia.
10:08 am - Nothing is safe !
Even BAT is not safe for a defensive during selldown.
Learn to short the market by participating in the futures market !
9:31 am - The end of the world - end of stock market ! Of course NOT ! PANIC SELLING ONLY !
One of our friends said he will hold all his stocks and unit trusts as he has been through 3 recessions. He has the power to endure the pain or the ignorance to hold on to losses.
Monday, January 21, 2008
8:37 pm - Malaysian shares close sharply lower on regional selloff
Malaysian shares close sharply lower on regional selloff -
UPDATE (Adds analyst comment, share prices) KUALA LUMPUR (Thomson Financial) - Malaysian shares closed sharply lower Monday as selling accelerated in the final hour of trade, after markets across Asia tumbled on worry that President Bush's 145-billion-US dollar stimulus package may not be enough to fend off a possible recession in the world's largest economy. While the recent selloff has wiped out all the gains made in the first two weeks of January, the key index's narrower losses compared to its regional peers still makes it one of the best performing bourses in this part of the world. The Kuala Lumpur Composite Index (KLCI) closed down 30.89 points or 2.2 percent at 1,408.6. The KLCI has fallen 2.6 percent in the year to date. The FTSE Bursa Malaysia 30-large cap index lost 189.24 points or 2 percent to 9,189.03 and the FTSE second board index fell 189.01 points or 2.8 percent to 6,500.03. Decliners outpaced advancers 844 to 104, with 161 stocks untraded and 241 counters unchanged. Trading volume was 948.97 million shares, valued at 2.34 billion ringgit. "The local market is lagging its regional peers on the way down, with the downside partly mitigated by a stronger Malaysian ringgit," said Michael Lai, investment director at Fortress Capital Asset Management. "The uncertain outlook for corporate earnings will continue to weigh on Asian markets in the first half, because I think it will take that long for us to see how things will pan out in the US," said Lai. Asian markets will remain highly volatile going forward, agreed Kenny Yee, the head of research at OSK Investment Bank. "Until the situation in the US stabilizes, we can expect knee-jerk reactions to dictate sentiment within the region," said Yee. Major blue-chips led Monday's fall, with British American Tobacco, the largest cigarette maker in the country by market share, shedding 75 sen or 1.8 percent to 42.00 ringgit. Construction group MMC Corp plunged 75 sen or 7.9 percent to 8.70 ringgit and gaming group Tanjong slid 60 sen or 3.4 percent to 17.20 ringgit. Contract manufacturer Malaysian Pacific Industries fell 60 sen or 6.6 percent to 8.50 ringgit and Bumiputra-Commerce, Malaysia's second-largest banking group, lost 60 sen or 5.4 percent to 10.50 ringgit. Among other index heavyweights, Sime Darby, the world's largest listed palm oil producer, traded down 10 sen or 0.9 percent to 11.60 ringgit and IOI Corp, the second-largest palm oil stock on the local bourse, declined 15 sen or 1.9 percent to 7.85 ringgit. National power supplier Tenaga dropped 25 sen or 2.6 percent to 9.35 ringgit, state-owned Telekom Malaysia fell 10 sen or 0.9 percent to 11.30 ringgit and Maybank, Malaysia's largest bank, was down 50 sen or 4.1 percent at 11.60 ringgit. At the close, the Malaysian ringgit was quoted at 3.2830/2865 against the US dollar. The three-month interbank rates were quoted at 3.55/60 percent and the overnight rates were quoted at 3.48/50 percent. aipeng.soo@thomson.com
UPDATE (Adds analyst comment, share prices) KUALA LUMPUR (Thomson Financial) - Malaysian shares closed sharply lower Monday as selling accelerated in the final hour of trade, after markets across Asia tumbled on worry that President Bush's 145-billion-US dollar stimulus package may not be enough to fend off a possible recession in the world's largest economy. While the recent selloff has wiped out all the gains made in the first two weeks of January, the key index's narrower losses compared to its regional peers still makes it one of the best performing bourses in this part of the world. The Kuala Lumpur Composite Index (KLCI) closed down 30.89 points or 2.2 percent at 1,408.6. The KLCI has fallen 2.6 percent in the year to date. The FTSE Bursa Malaysia 30-large cap index lost 189.24 points or 2 percent to 9,189.03 and the FTSE second board index fell 189.01 points or 2.8 percent to 6,500.03. Decliners outpaced advancers 844 to 104, with 161 stocks untraded and 241 counters unchanged. Trading volume was 948.97 million shares, valued at 2.34 billion ringgit. "The local market is lagging its regional peers on the way down, with the downside partly mitigated by a stronger Malaysian ringgit," said Michael Lai, investment director at Fortress Capital Asset Management. "The uncertain outlook for corporate earnings will continue to weigh on Asian markets in the first half, because I think it will take that long for us to see how things will pan out in the US," said Lai. Asian markets will remain highly volatile going forward, agreed Kenny Yee, the head of research at OSK Investment Bank. "Until the situation in the US stabilizes, we can expect knee-jerk reactions to dictate sentiment within the region," said Yee. Major blue-chips led Monday's fall, with British American Tobacco, the largest cigarette maker in the country by market share, shedding 75 sen or 1.8 percent to 42.00 ringgit. Construction group MMC Corp plunged 75 sen or 7.9 percent to 8.70 ringgit and gaming group Tanjong slid 60 sen or 3.4 percent to 17.20 ringgit. Contract manufacturer Malaysian Pacific Industries fell 60 sen or 6.6 percent to 8.50 ringgit and Bumiputra-Commerce, Malaysia's second-largest banking group, lost 60 sen or 5.4 percent to 10.50 ringgit. Among other index heavyweights, Sime Darby, the world's largest listed palm oil producer, traded down 10 sen or 0.9 percent to 11.60 ringgit and IOI Corp, the second-largest palm oil stock on the local bourse, declined 15 sen or 1.9 percent to 7.85 ringgit. National power supplier Tenaga dropped 25 sen or 2.6 percent to 9.35 ringgit, state-owned Telekom Malaysia fell 10 sen or 0.9 percent to 11.30 ringgit and Maybank, Malaysia's largest bank, was down 50 sen or 4.1 percent at 11.60 ringgit. At the close, the Malaysian ringgit was quoted at 3.2830/2865 against the US dollar. The three-month interbank rates were quoted at 3.55/60 percent and the overnight rates were quoted at 3.48/50 percent. aipeng.soo@thomson.com
5:30 pm - KLCI has more room to go down !
The volume today is low and I expect KLCI to go further down !
12:00 noon - Chart of the Week - EtiTech
After dropping off the cliff, this counter resume its bullish uptrend. Buy on new high - 18 L/C.
10:31 am - We are doing a Foundation course on Jan 28 & 29, 2008
Our 1.5 days will cover the foundation on "How to trade and invest like a Pro".
For more information, call Dolly at 03 4252 4149.
Goto my website http://www.imtradermy.com
For more information, call Dolly at 03 4252 4149.
Goto my website http://www.imtradermy.com
10:19 am - FKLI posting a bullish divergence.
The long term trend is down but the short term trend is becoming bullish.
As the overnite exposure to DJIA is riskly. Look to close your position before mkt closes.
10:10 am - PBBank holding nicely.
If PBBank comes off from the top, look to accumulate based on profitable patterns.
Sunday, January 20, 2008
2:37 pm - US DJIA fall slightly lower - No response to stimulus package !
The Lowdown
The Bush stimulus did not elicit much of a response.
Stocks widened their losses Friday after President Bush's proposal to jumpstart the economy failed to do much for the markets. The Dow Jones Industrial Average dropped 60 points to 12099, leaving the index down 1166, or almost 9%, on the year. The Nasdaq dropped 7 to 2340, and the S&P 500 gave back 8 at 1325.
An early bounce evaporated ahead of the release of the Bush plan, which the administration called "a shot in the arm." The president implored Congress to consider a plan that would add 1% worth of the Gross Domestic Product back into the system. That amounts to a tax cut of roughly $145 billion, the Associated Press reported.
Also in Washington, Treasury Secretary said there was "an urgent need" to pass legislation that would grease the economy's wheels. "We believe the economy is going to continue to grow slowly here, but it has slowed down and the risks are to the downside and the president is very focused on taking actions quickly that will give a boost to our economy as soon as possible this year," Paulson said, according to an article published by Reuters.
The day's economic data was a mixed bag. The December reading of the Leading Index came in slightly worse than economists had expected, but the Michigan Consumer Sentiment Index surprised economists with a January jump, which bodes well for retail sales.
Stocks had gotten an early lift as bargain hunters sought out cheap deals on stocks undervalued during the selloff, but the enthusiasm did not last long.
The Bush stimulus did not elicit much of a response.
Stocks widened their losses Friday after President Bush's proposal to jumpstart the economy failed to do much for the markets. The Dow Jones Industrial Average dropped 60 points to 12099, leaving the index down 1166, or almost 9%, on the year. The Nasdaq dropped 7 to 2340, and the S&P 500 gave back 8 at 1325.
An early bounce evaporated ahead of the release of the Bush plan, which the administration called "a shot in the arm." The president implored Congress to consider a plan that would add 1% worth of the Gross Domestic Product back into the system. That amounts to a tax cut of roughly $145 billion, the Associated Press reported.
Also in Washington, Treasury Secretary said there was "an urgent need" to pass legislation that would grease the economy's wheels. "We believe the economy is going to continue to grow slowly here, but it has slowed down and the risks are to the downside and the president is very focused on taking actions quickly that will give a boost to our economy as soon as possible this year," Paulson said, according to an article published by Reuters.
The day's economic data was a mixed bag. The December reading of the Leading Index came in slightly worse than economists had expected, but the Michigan Consumer Sentiment Index surprised economists with a January jump, which bodes well for retail sales.
Stocks had gotten an early lift as bargain hunters sought out cheap deals on stocks undervalued during the selloff, but the enthusiasm did not last long.
Friday, January 18, 2008
12:39 noon - If KLCI can hold at 72%, this is good ~
If it break below 72%, we are going to build a base at 1380.0
Thursday, January 17, 2008
4:53 pm - KLCI has a beautiful doji with a bottoming tail.
Can it turn up as this may be a reversal pattern ?
Wednesday, January 16, 2008
11:46 am - This is not end of the world like Bill said it.
If you were caught in your shares, wait for the market to rebound back before exiting. It is already bad enough today !
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