Ok, 1st things 1st, the news.
U.S. stocks tumbled Friday, with Bank of America, JPMorgan Chase and Alcoa leading the Dow Jones Industrial Average's components lower as investors again grew concerned about the economy after the short-lived excitement over Thursday's report on gross domestic product.The Dow closed down 249.85 points, or 2.51%, at 9712.73, marking its 10th triple-digit movement this month. The slump could be caused by the Non-Farm Employment Change economy data that released on Friday which came in worse than expected, rendering most of the U.S stock to free fall.
Crude oil for December delivery finished down $2.87, or 3.6%, to finish at $77 a barrel on the New York Mercantile Exchange.Still, oil has gained 9% in October, helped by a weakening dollar and hopes of a resurgence in global economic activity.
FKLI Weekly Chart
Due the bearish sentiment on DOW, regional market was open lower today, KLSE was not spare. On opening the FKLI dip about 9 points to open at 1,236. I am expecting today session would be range bound, 10~15 points from the opening price. Resistance will be 1,255 at the moment. Either way, judging from the market cycle and the candles formations I am bearish for this market. Next thing to do is wait, I guess because it could take ages for it to hit your stop or profit target.
FCPO Daily Chart
Market open at 2,160 today, a gap down that might test the 50% retracement ratio again, maybe ? Nasty price action for CPO as this would be a turning point to a bearish downtrend (Long term) or simply the big boys just want to squeeze those LONG holders out. The formation of uptrend is still valid as price manages to create series of higher low, significant one would be at 2,130 level. I am looking for a LONG setup in this case.
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