Tuesday, 31th Dec 2013. 2013 is coming to an end not with a splash as most of the trader thought, hardly any long term market trend to follow especially for the last six months since Jun 2013. Other news to follow.
"- U.S. stocks ended little changed on Monday, although the Dow Jones Industrial Average eked out a large enough gain to set its 51st record close of 2013. The Dow industrials DJIA +0.16%advanced 25.88 points, or 0.2%, to 16,504.29, leaving the index on track for a 26% annual gain. The S&P 500 SPX -0.02% gave back 0.33 point to 1,841.07, leaving it on track for a 29.1% annual rise. The Nasdaq CompositeCOMP -0.06% slipped 2.40 points, or 0.1%, to 4,154.20. The Nasdaq is up 37.6% for the year to date. "
"-Asian markets rose Monday, as Japanese stocks capped the best year since 1972 with more gains. The Nikkei Average JP:NIK +0.70% was up 0.7%, ending the year 57% higher than it started, making Japan by far the best-performing market in Asia — outpacing the region’s developing markets, which have recorded either losses or only tepid gains in 2013. China in particular has had a rocky 2013: The Shanghai Composite CN:SHCOMP -0.18% is trading 7.6% lower so far this year, making it the region’s worst-performing market."
"-Oil futures settled below $100 a barrel in choppy trade Monday, but remained near a two-month high after data at the end of last week showed a further drop in U.S. crude supplies. February crude oil CLG4 +0.05% fell $1.03, or 1%, to settle at $99.29 a barrel on the New York Mercantile Exchange."
FCPO: Get Ready For 2014.
Let bygones be bygones, at least for your sake trading in the market. Treat yourself some respect as all of us deserve a pat on the back, battling day in and day out of the market is not an easy task. Most of us would want to just stick with their nine to five career instead of taking risk and trade in the market. For those who chosen to fight the hard battle with your mind, I pay homage to you even if your are just learning the inside out how to be successful in this business. Always protect yourself in the market and stick to the plan, that is the bottom line to be successful in the financial market. Alright, lets look at the overview of the market. Palm oil futures for March contract is still trap within a high ranging session around 2,700~2,544 on the long term perspective. Where does the real rally would come if you may ask, maybe 2,700 level would be a good four weeks resistance level to look at. Meanwhile in the shorter term time frame, palm oil rally will be sluggish judging from recent price action. Lower low and lower high formed on the five minutes chart signifies impending weakness today and judging from how the Soy oil closing price action, palm oil futures would have more reason to go down rather than to rally. For today, pivot support for the benchmark March is located around 2,621 while resistance is pegged at 2,642.
Daily Pivot Point
R2= 2656
R1= 2642
S1= 2621
S2= 2614
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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