You may think that Asia is going into a selling frenzy given that Nikkei and Hang Seng both drop more than 300 points. STI drop 32 points.
In my opinion, I think that this selloff today is unwarranted. A lot of us are scared that US may tumble given that it is at all time high. DOW nearly touches 16588, the all time high a few days back, before dropping for 3 days. S&P500 reached a new high just 4 days back.
With China economy showing weakness, surely the US market is going to halt, RIGHT???
Ha, I would like to think so, given that I don't even have the chance to board my favorite retirement stock, FACEBOOK. It simply is not cheap enough at 70.94!
But sad to say, I think US is not entering a correction yet. I don't think you might see it this month. Given the positive data of the non farm payroll and ISM report, I do think that DOW is capable of hitting all time high again.
So, if Asia has a selloff, I do think it may be time to watch a few markets again! Hang Seng and China is again in my radar now!!!
Stay tuned to my blog where I will post where I think might be a bottom.
I do hope that STI might reach 3050 again, but, I feel it has a better chance of advancing to 3150 again first.
Let us see!