Wednesday, 8 February 2012

Dow hits 12900 while STI continues its ascent towards 3000

Dear Friends,

Dow continues its ascent yesterday towards 12900 and hit that point before retracing 30 points at the closing minutes. That is the highest it has reached ever since the bear ended in March 2009. On Monday, marketmakers tried to get hold of Greece problems again to test the confidence of the market.

After a down day on Monday, today Ben Bernanke eliminates any worries by reiterated his call on lawmakers to cut the nation’s long-term red ink, and repeated that the labor market is a long ways from returning to good health. Read more on Bernanke. 

In Athens, government officials reportedly have a draft deal to present to Greek party leaders on Wednesday detailing another bailout. Read more on Greek bailout progress. 

In Singapore,STI continues its strong march after yesterday run. At this moment STI is at 2979.

We maintain our view that should Dow go past 12938 and stay above that point, STI will stay above 3000. Hang Seng Index should stay above 21000 when that happens too. HSI hits its 21000 resistance before retracing a couple days back. This has been our prediction one month back, and we still think so.

Daniel

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