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KLCI Bearish Engulfing; market likely to drop on Monday.

Comments are welcome.

hi Ben,
it is very likely tat there will be a slip, but no fear, "hope of salvation is near" hehe... :P just hope the support holds... anyway, lucky for me, i'm not in the futures yet.. hehe...:P so i can still afford to sit back and just respond to watever tat is to come... hehe...

Regards & good luck...

50/50 like flipping a coin

Trend line still intact. Volume still quite steady.
Most world markets ended in the positive last Friday.
My call: Possibly a slight correction temporarily with all the rumours of tension in KL concerning Hindraf which I feel shd be controllable.(receiv ed a number of calls on d situatin in KL last week) Worst case wud be if ISA is imposed. Market may dip but then situation will cool down quickly.
Or unless US Fed decided to leave its interest rate as it is rather than cutting a qtr of a point next week
Cheers

The market closed at 1,410.56 down from its recent high of 1,449.70, with low volume of 7.299 million lots.

The Bearish Engulfing has vindicated itself as a reliable harbinger.

In the absence of any bullish news, the market is likely to trend lower.

Dec 13,2007

hi,
Erm... candlestick formations do have a higher reliability at sudden price movement or when the price is at peak or bottom... but somehow, the recent movements are not so pure due to the formation... if we were to remove all external factors, including the US market, the recent movement may be due to the price movements... and if my readings did not fail me, tommorrow should not be a bad day for CI... may or may not be a jump, but there should be at least, i mean... at least... some support... :)

Regards

There was some support in the morning. Unfortunately, there was no follow through, and the market closed at 1,403.41. Volume was light with 6,685 million lots transacted.

Dow closed at 13,339.85, down 178.11.

Expect the downward drift of the market to continue.

Hi Ben,
Your insights on the KLSE trend is appropriate. My sense is that it will be on a downward trend next week due to bearish sentiments in the NYSE. Core CPI in USA rose higher than expected thus increasing rising concerns over ability/willingness of Fed to cut rates further. Consumer confidence in USA and UK heading south, same as in Japan. Also more USA financial institutions will be compelled to report weaker earnings ( if at all for last quarter ) due to writing in losses from sub-prime mess. personal opinion is for us to err on the side of caution and be higher in cash allocation for the moment.
have a good weekend

hi hi,
hehe... seems like things might be quite red... :( especially with the Friday CI... hmm... if no improvements are to come on Monday (which i doubt), i will be starting to clear my positions and take a short rest till the dust settles... hehe...

Regards...