Thursday, March 29, 2012

Market Overview 29th March 2012

 Thursday, 29th March 2012. The FBM KLCI slide down slightly amid less Buying interest from local players due to uncertainties over regional outlook. Others news to follow.

"- U.S. stocks fell for a second session Wednesday as investors dumped energy and other stocks closely tied to global growth after a disappointing report on durable-goods orders. Quarter-end moves added an additional layer of volatility. The Dow Jones Industrial Average DJIA -0.54%  ended down 71.52 points, or 0.5%, to 13,126.21, or 0.4% higher from last Friday’s close. At its lows of the day, down 128 points, it had briefly lost weekly gains. The Nasdaq Composite Index COMP -0.49%  fell 15.39 points, or 0.5%, to 3,104.96. The S&P 500 Index SPX -0.49%  lost 6.98 points, or 0.5%, to 1,405.54. Among the index’s 10 sectors, energy and material."

"-Crude futures slumped Wednesday after data showed a surge in U.S. oil supplies and as French officials said that some nations are considering the release of strategic oil reserves.
Crude oil for May delivery CLK2 -0.0095%  dropped $1.92 to end at $105.41 a barrel on the New York Mercantile Exchange."

"-May Soybeans finished down 2 1/4 at 1367 1/2, 11 1/2 off the high and 3 1/2 up from the low. July Soybeans closed down 3 1/4 at 1373. May Soybean Oil finished down 0.5 at 54.6, 0.75 off the high and 0.07 up from the low. May soybeans closed slightly lower on the session after some choppy to higher trade early. Aggressive long liquidation selling in corn and wheat failed to drag the soybean market much lower as traders see the need for soybeans to stay strong relative to corn. A higher trend overnight and ideas that the sell-off yesterday was a bit overdone helped to support the market early today. Ideas that soybeans need to continue to gain on corn in an effort to attract more acres for the coming season helped support. The expanding needs because of the lower South America crop has helped to support ideas that US usage, and therefore planted area, need to be higher. Near perfect weather for the start of the planting season for the Midwest next week has traders nervous that producers will push to plant as much corn as possible before shifting to soybean plantings and this has added to the positive tone."

 FKLI- Bulls Is Not Playing This Week. 

 Equity index is losing strength to go up for now as investors are unsure how sustainable will the economy growth for the first quarter. Technically, the long term support trend line drawn above will have to be repaint but it does not mean that the market is descending towards down trend. There are two reason to repaint a trend line, the first one is trend violation or changing environment of the market characteristic itself (I.e: From an uptrend to a correction or Bearish reversal), the second will be due to the steepness and time on the trend line itself. The more long term the trend line is, the more it susceptible to repaint. More temporary retracement is expected at the moment.

Daily Pivot Point
R2= 1594
R1= 1590
S1= 1582
S2=1579

 FCPO- Bulls Resting After Two Days Rally
15 Minutes Time Frame

60 minutes
 Palm oil futures is expected to open lower this morning  due to weakness across other broader commodities market including Soya oil futures. After rising to at least 9-months high, the Bulls easily gave up yesterday and let the Bears take over but not an extend to get a full blown Bearish reversal. Further retracement is expected due to profit taking activities that is likely to become today's headline. Just sharing some of malaysia futures proprietor trading system that is deployed 3 weeks ago in real environment. Performed with expected anticipation and full deployment is schedule to be release early second quarter. Stay tuned.

Daily Pivot Point
R2= 3505
R1= 3485
S1= 3454
S2=3443
 Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.

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