Today US market continues its bullishness. Again QE3 is in the discussion today like what I mentioned yesterday. The irony now is that ISM bad report on Monday serves as a confidence booster for the market in anticipation of stimulus package in the FOMC meeting on 31st July.
I think this bullishness is likely to continue through this month. It seems to be a good month to trade afterall. Bad news are good news now! This is perhaps the best opportunity to get into the market.
However like what I said, we probably want to go light in position into Friday. Profit take first on Thursday before the Non farm payroll employment report.
2moro US market will be closed. I feel this bullishness will push forward Asian indices like STI and KLCI forward!
But overall, this month may be turning month we are looking into, anyway do remember that US elections is 4 months away. Once this momentum gets going, this run might run till the elections.
Bear in mind that, we are Bullish for this second half of the year!
Happy Birthday America! Happy Independence Day!