Friday, October 23, 2009

Market Overview So Far

Alright Boys and Girls lets take a look what happened so far.

US Greenback ended on Thursday near the lows of the year across the board, with the exception of the Yen. Stocks fell in Asia and in Europe but in Wall Street equities rose posting important gains. The surge in stocks weakened the Dollar that moved away from intra-day highs and ended near the lows of the year. Overnight Dow was up 131 points to settle higher at 10,081.

How does it affect our market ?


Market Gap up on open today for FKLI fueled by overnight better than expected surge on Dow. Despite masses are expecting news from the Malaysia Budget for 2010 this later today, there (might) wont be any significant impact to KL composite index generally. There is yet any set up on FKLI so far as previous 2 days retracement was rather low and vague for any long trade.


How FCPO so far ?


Palm oil prices seem to have a good LONG trade setup so far with a series of higher lows and supporting factors from lagging indicators. Trend lines never move in straight line, so if you think that you would want to wait for next pullback to enter your trade, you may want to look at 2,210~2,200. Support will be 2,180 at the moment.
Disclaimer: All the information attain above will not liable be for any loss incur on your trading equity.

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