Tuesday and Wednesday, 27th & 28th Dec. The FBM KLCI ended on positive tone so far prior to the Christmas day on previous week amid promising economy data announcement from the west. Other news to follow. P/s: Most of my write up for today were mostly unchanged.
"-U.S. stocks took a last minute turn Tuesday with the Dow industrials
finishing slightly lower, putting an end to a four-session winning
streak, but the S&P 500 and Nasdaq closed modestly higher on the
heels of a jump in consumer confidence.
After a 427-point gain last week, the Dow Jones Industrial Average
DJIA
-0.02%
on Tuesday slipped 2.65 points, or 0.02%, to close at 12,291.35, a
level that still has it up 6.2% on the year, with three sessions
remaining.
Up 0.6% year-to-date, the S&P 500 Index
SPX
+0.01%
rose 0.1 point, or 0.01%, to 1,265.43, with utilities up the most and
financial companies among the laggards in its 10 major industry groups.
The index tallied a five-session climb of 5%.
The Nasdaq Composite
COMP
+0.25%
climbed 6.56 points, or 0.3%, to 2,625.20, off 1% from Dec. 31, 2010. It’s now posted gains for three-straight sessions."
"-Crude-oil futures closed above $101 a barrel Tuesday, as tension in Iran sparked concerns over global supplies and improving U.S. consumer confidence helped buoy prospects for oil demand.
"-US soy futures climb to 6-week highs like others in the grain complex as traders grow increasingly nervous about hot, dry weather in South America. After a 3-day break, traders returned to work to find weekend rains were disappointing in Argentina and southern Brazil. Meanwhile, forecasts remain hot and dry, which is a growing threat to crops there. The market surged above its 50-day moving average in early action, which added to the upward momentum, traders say. Soy got added support from crude oil and fresh export sales to China. CBOT January soybeans end up 3.2% at $11.99 3/4 per bushel. March soyoil climbs 0.86c to 52.53c/pound and March soymeal rises $10.90 to $311.70/short ton."
FKLI- Jingle All The Way, Continues.
Stock index rose steadily yesterday to 1,500.91 without other Asia regional benchmark after resuming back for trading after Monday replacement holiday. Investors are less spook by the concern on European debt crisis for the moment as some positive economy data announced last week on U.S lift hope for the stock market. For this week, the upside momentum for both index futures and stock index are likely to sustain even though "Christmas Rallies" is officially over. More focus are given towards the possibility of America's economy recovery judging on their better than expect economy data last week. Technical outlook for both indexes still look good from here, market is making steady higher lows and higher highs recovery with no sign of Bearish reversal sign yet (hourly chart). The Dec contract is still susceptible to retrace if it approach previous high are around 1,515. There are only three days left for the Dec contract to expires, more rollover activities will be noticeable towards the end of this Friday.
Daily Pivot Point
R2= 1512
R1= 1508
S1= 1497
S2= 1489
FCPO- No Sign Of Major Retracement, Yet
CPO futures continues to record another gain amid recovering price outlook on Soya oil and other broader commodities market. Slight weather concern over South Americans that could curb Soya bean production have help supported price from falling toward the end of year 2011. With Soya oil hovering above 50 cents per pound over the weekend, palm oil price outlook should remain positive with some tendencies for profit taking activities as the market have rose for three days straight. Strong double Marubozu candles on the benchmark Mar daily chart suggest that market sentiment have turn Bullish. But before we could confirm and jump the gun on long term outlook, it is best to wait for a major higher low plus higher high formation on daily chart. Reason behind was to filter out how well Buyers could overcome profit taking and selling pressure if it could rebound from any corrections. For today, support is located around 3,130 (previous high) while weekly resistance is pegged at 3,219.
Daily Pivot Point
R2= 3195
R1=3177
S1= 3140
S2= 3121
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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