Tuesday 28 May 2013

Did Fed really hurt the stock market? Not yet

Dear Friends,

On thursday, we did mention to take note of the next few days after Ben Bernanke speech. Asia on thursday is bloody with Nikkei dropping 1000 points and Singapore dropping 60 points. But we did mention to take note of 3 factors that might put a halt to DOW.

The 3 TA factors are:
1) A triple day drop in the index
2) 20day MA starts to dip
3) 2 weeks down

So far, there still is no triple day drop. Dow on Friday actually rises to stop the 2 days rot. So far so good. US index did not react that badly to Bernanke speech afterall.

This week, let us monitor closely again.I would still stick to the technical analysis 3 factors to tell me if trend has really changed. So far looking at fundamental reports give us no clue as poor economic data are considered good news by the market.


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