Get down

Well after a few reversals, the market went down. Alot of disappointing results such as housing brought the DJI down. Hit a support on Friday with a doji. We shall have to see if the market continues downwards as selling volume is very strong. MACD signal is also bearish.

Unpegging of Yuan to Dollar, Good news or bad news?

Well China has unpegged it's Yuan to Dollar. And this news caused Yuan to surge. Is this good news or bad? It seems good news to every country as it means China now has the appetite to be one of the largest importer. It might be not so good to China in longer time period. As the biggest exporter to the world, rising yuan may hurt its export business. Right now it's a big talk about expecting more expensive import goods from China such as food and consumer products. Rising yuan leading to inflation?

Hits another resistance

After a few disappointing results like housing starts and Philly industrial production, DJI tries to move up. Friday we had quadruple witching which is traditionally the most volatile day where fund managers are doing window dressing of their portfolio. Ended up again for Friday and gold was soaring. Now looking at the chart, I'm seeing 3 reversal candles + hitting 50D moving average. Looks like we could go down for a ride or if we are lucky, a consolidation.

Things to look for

TUESDAY: Fed's Bullard speaks; credit card default rates expected; E3 video game conf.
WEDNESDAY: Weekly mortgage apps; PPI; housing starts; industrial production; weekly oil inventories; Fed's Plosser speaks; Disney insider trader hearing; China trade hearing; Earnings from FedEx
THURSDAY: CPI; weekly jobless claims; current accounts; leading indicators; Philadelphia Fed survey; BP CEO testifies
FRIDAY: Quadruple witching; S&P indexes rebalanced

200D MA Tested again

Stocks snap 3 weeks losing streak

Right, since my last post, the market went down instead of rebounding on my support, but it rebounded back later and went up. The last candlestick forms a hammer, so most probably markets will reverse into downtrend or consolidate again. We are going to test the 200D MA again.

I'm seeing a slight divergence in the MACD so this could mean a uptrend might be near.

These few days STI and DJI are not in sync with each other. So it's difficult to read the market movements recently for stocks in Singapore.

Sell off

See? A disappointing jobs figures on Friday pulled the DJI down. We are back to trading range again. Failed to clear 200D SMA. Will we see a rebound again on Monday?

Ekes out a gain

DJI ekes out a gain last night due to a last minute rally, but it's still hovering below the 200D SMA. This resistance is hard to break as it has been tested about twice. By right a good jobs report on Friday could break the resistance BUT futures are tanking now as Jobs report disappoints.

Dead cat

Dead cat bounce.

But tonight may be a rebound on a support. Futures look green.