In the past, I did mention that STI at 3000-3100 is worth a look. I also mentioned that the recent run-up in STI may be short term.
Today, we have a taste of how short term it may be... a 81 points drop in 1 day! This would have been unimaginable this year before today! Did you sense the market sentiment changing now? It seems so frequent nowadays that STI falls more than 40 points in 1 day, a sure sign of weakness in the market.
I do now believe that with the recent US weakness and the QE effect over, STI might have a chance to reach 3000 points, the lower of my targeted 3000-3100 range.
My target is now 3000. If reached, this would be a tremendous bonus! Anything below 3000 would be an angbao.
Blue chip stocks do look cheap now... tasty... let us salivate more at 3000.