Last Friday 14 Jun 13, the STI went back to above its support of 3140 to 3150. The previous day was a false broke down.
Today some counters are showing signs of support and possibility of technical rebound. I would say that at this juncture, the index and some blue chips are deeply oversold and very near to support and showing strength to rebound.
I entered into the market today with a low risk entry and tight stop.
18 Jun – The market rebounded. My positions are positive.
20 Jun – Fed Chairman Ben Bernanke suggested that strengthening economic data could enable the Fed to start gradually reducing its stimulative bond-buying plan resulting in massive sell off in the markets. I am still holding on the my counters, following my trading plan. Will cut it when it breaks my support.
21 Jun – DJ -350 pts. Support was breached. STI gap down. I closed all my position. It really a pity that the market rebound was totally crushed by Bernanke’s talk.
I think that the market will be sluggish for the next 3 months at least.
Jayson's Financial Trading 