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Uncertainty and Volatility to persist in STI.

STI experienced a volatile week last week as economic news were affecting the market sentiment. First, news of Spain requiring a bailout package shook the market during the early week. This caused STI to open the week with 33pts lower and hitting as low as 2973 level. Despite expectations for STI hitting as low as 2950 level, STI refused to test that level during the week.

Daily Market Opinion for 25-Jul-2012

Yesterday, STI recovered part of the losses as market participants started to digest Spain’s debt issues and possibility of bailout. STI opened with a gap up yesterday morning as buyers entered the market hoping that the retracement has been done. Despite strong bullish actions in the 1st hour into the trading session, STI was trading flat for the morning session.

Daily Market Opinion for 24-Jul-2012

STI started the week with a deep retracement as STI reacted to the news on Spain’s need for a full bailtout for its state. This caused STI to open with a gap down yesterday and the immediate support of 3000 level was broken almost immediately. Attempts to rebound during the day were unfruitful as 3000 level might have turned into a resistance level.

STI likely to retrace. Uptrend showing slight weakness.

STI’s raging bull continued to charge last week but its charging strength stopped last Friday after hitting major resistance of 3030 level. As the earnings season kicks in last week, STI started to experience increased intraday volatility as traders and investors were adjusting to the new earnings expectations.