Dow rose back above 10,000 mark on strong earnings and optimism but will it last??
Posted by admin in Futures Pick, Market Analysis, Stock PickGood Morning,
Before I start the day with my market preview, I would like to comment on the business etiquette between Japanese and Singaporean businessmen..
Normally, during a meeting, everyone will behave gentlemanly and will treat each other with a fair amount of respect especially if One wish to clinch the business deal. But usually after a meal or talk, we (Singaporean) will bid another farewell and take our leave and go to our car and drive off, right?
Yesterday evening, I was sitting in my car, parked at the roadside along International Plaza, waiting for my friend. I saw a Japanese man standing infront, beside his Hyundai car, perspiring and waiting for near 10mins. Then a black merc drove down from the building and drive past me and immediately the Japanese guy, did a 90degree bow on the spot, several times to greet the drive in the car and everyone was stunned and watching it. The energy and sincerity of the each bowl was so immerse that I watched with deep respect for him. The driver in the black car, stopped for a while, waved at the man and drove off. As the car drove off, the Japanese continued his act for another 1-2 bowl before the black car was far from us.
It was then, the Japanese man decided it was enough and then drove off. I watch the entire episode infront of me, with amazement and respect for such culture which honestly, I only watched in TVs. Maybe I’m considered a ” Mountain Tortise or Hermit” since I had never worked in a MNC before but honestly, this really impressed me. Thus even this morning, it was still so fresh in my mind that I decided to share this with everyone here. Cool man!
I always like share good stuffs with my friends who reads this blog of mine and who know, One can try to impress your own clients with some ‘singaporean style’ business etiquette too! Cheers!
Back to the market,
The Dow climbed back above 10,000 mark again on pretty strong US companies earnings and optimism. But would this last?
Honestly, based on our V3Go System, unless the Dow can closed above 10,092 tonight, if not, I suspect the upside will be limited for now as 10,092 is a V3Go TAOS resistance and it was tested last night BUT failed to closed above. The Dow closed at 10,081, with an intraday high of 10,105 and low of 9916. If the Dow can really close above 10,092 tonight then my target of 10,850 for the Dow by December 2009, should be very possible. If not, the first support for the Dow will be at 9871. Traders do take note.
My take: I think Dow will hit 10,100 again tonight
Looking at Singapore market, the MAGIC Number for today is 2681. As long as the STI stay above the OP of today, UPSIDE, should be expected on the market as the V3Go TSC indicates that the Neg V3Go ROC formation is getting weaker and IF the STI can stay above OP and trade higher, we might see it testing 2711.70 again today. So traders, do take note on the OP of today. If the market cannot hold above 2681, then 2668 will be the first support.
My take: I think STI should stay above 2700 today.
Looking at the Hang Seng Futures, the MAGIC Number for today is 22180. As long as the HK Future stay above the OP of today, UPSIDE, should be expected on the market as the V3Go TSC indicates that the Neg V3Go ROC formation is getting weaker and IF the HK Future can stay above OP and trade higher, we might see it testing 22335 again today. So traders, do take note on the OP of today. If the market cannot hold above 22180, then 22003 will be the first support.
My take: I think HK Future might test 22335 today.
Crude Oil market possible movement: the MAGIC Number for today is 81.08. As long as the Crude Oil can stay above the OP of today and above 81.08, there should be a little more upside. If the market cannot hold above 81.08, then 79.12 will be the first support.
Dollaryen: the MAGIC Number for today is 91.11. As long as the DY can stay above this level for today, UPSIDE, should be expected on the market as the V3Go TSC indicates that the Positive V3Go ROC formation is getting stronger and IF the DY do trade higher, we might see it testing 91.98 again today. So traders, do take note on the numbers that we mentioned above. If the market cannot hold above 91.11, then 90.65 will be the first support.
Local Singapore stocks in mind:
(1) Financial One – - The Resistance is at 54.4 / Support at 51 for today
(2) Cap Comm – - This stock seem to be moving towards the resistance of 1.30 thus as long as it stay above 99.5
(3) UTD – - The Resistance is at 42.5 / Support at 37 for today
(4) YingLi – - The Resistance is at 85.5 / Support at 76.5 for today
(5) First Res – - The Resistance is at 94.5 / Support at 93 for today
(6) Ziwo – - The Resistance is not possible to gauge via charts but the support should be around 37.5 for today.
(7) Hoe Leong – - The Resistance is at 49.5 / Support at 45 for today
ALL THE ABOVE LEVELS ARE FOR TODAY ONLY.
With that, I end this morning edition on the market preview and hope that everyone will be making good money TODAY AND NEXT MONDAY. Have great weekend (BOW)
Cheers!
Kelvin Han
Chief Trainer
Originator of V3Go Mentoring Program
29 batches and still going strong
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