Wednesday, November 4, 2009

Just Another Crappy Correction ?

Ok, my gut tells me that FKLI might just heading for another correction not even a significant pull back and dont even bother to expect down trend at all. Just my gut ok. Some news 1st.
-The Dow Jones industrial average .DJI slipped 17.53 points, or 0.18 percent, to end at 9,771.91. But the Standard & Poor's 500 Index .SPX added 2.53 points, or 0.24 percent, to finish at 1,045.41. The Nasdaq Composite Index .IXIC advanced 8.12 points, or 0.40 percent, to close at 2,057.32.
-Soybean prices jumped to one-week highs on speculation that the wet, freezing weather that delayed Midwest harvests last month will curb production in the U.S., the world’s largest grower and exporter. Soya bean futures for January delivery gained 2.2%, the steepest increase for a most-active contract since Oct. 21.
-Crude oil rebounded from a two-week low as gold surged to a record in New York after India’s central bank purchased 200 metric tons of the metal from the International Monetary Fund. Crude oil for December delivery climbed $1.47, or 1.9 percent, to settle at $79.60 at yesterday closed.
FKLI Daily Chart

My intuition tells me that FKLI might receive the same fate as previous correction, the candle formation seem identical with the previous corrections. Well, we dont know that for sure yet but the possibilities is still there. Anyway, upside trend may continue if the index surpasses 1,255 level.

FCPO Daily

CPO might have a nasty downtrend formation as you might know this is a BEAR rally if you look at the bigger picture. I am still bullish at the moment. Might looking to LONG at open as there is a valid LONG set up. Wish me luck !!

Disclaimer: The author is not liable for any loss incur due to this write up and trade recommendations made by this websites.


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