Saturday, 11 August 2012

Dow is weak but can't drop, STI is moving towards 3240??

Dear Friends,

I am having a rest in US Stocks. This week the market is stagnant and not moving much. S&P500 at 1400 seems to be a good hindrance. A lot of US stocks are hovering and not powering on. But it seems not to drop much either. Directionless is the word. Currently, I am not entering the US market and holding my guns until I sense a run-up again or when things get bad that I short.

My feel is that Dow Jones need to revive its vibrancy after a good run-up these couple of weeks. A consolidation without panic is always good. Resting in peace for stock market is a sure sign of gathering strength for next burst! A 100 point increase will be a good signal to look out for.

Apple is now resting well below $625! Remember to catch this sleeping giant after it breaks out of $625. I am looking at $647 target price next. See if this sleeping giant awakes from its dreams after yesterday ex-dividend date!

Today someone ask me about STI. I feel STI is still strong and powering along. Based on Mr Hu Li Yang box theory, if STI continues to remain above 3000, it should move towards 3240, a likely resistance region. Before that 3100 is a small resistance.

As I have mentioned in June, we expect this 2nd half of the year to be a bullish run till US election! Do take note of any opportunities to pick up some stocks, like the 2 days drop before National Day. Players are scared of missing the run up instead of selling away their shares!!!

Can you sense and feel the market pulse?  Sense the market to be a good trader!

Rgds
Daniel
www.danielloh.com

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