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STI is overbought, retracement is in the cards.

STI started the month of July with a bang as the EU starts to propose economic measures to save the current economic crisis in Euro zone. Market participants’ confidence grew as many expected the crisis to ease over time and started to enter the market in hope of more rescue packages to be implemented. Buying strength was seen to be euphoric as STI was up for 8 consecutive days.

Daily Market Opinion for 6-Jul-2012

The sky seems to be the limit yesterday as STI surged higher for 7 days in a roll. STI opened flat yesterday morning as participants were unsure of the outcome of the ECB’s meeting result. Profit-takers loomed the morning session causing STI to hit as long as 2942 level.

Daily Market Opinion for 5-Jul-2012

STI encountered muted trading activities yesterday as traders are treading cautiously. The opening session started with a slight gap up which managed to maintain its strength for the early morning session. However, when HSI opened weakly, STI started to slide back towards its previous day’s closing. Trading activities remain muted throughout the day with hints of profit-takers selling.

Daily Market Opinion for 4-Jul-2012

STI continued to surge strongly yesterday as market participants anticipated improvements in the European Crisis. STI opened flat as it reacted to the flat closing of DJI on the previous night. Strong bullish movement from HSI’s opening had opened the flood gate of buyers into the market.