Bernanke backs stimulus for forseeable furture amid QE debate.He said “Highly accomodative monetary policy for the foreseeable future is what’s needed in the U.S. economy”
STI have broken 3,205 resistance level at open today (11 July) If Bernanke doesn’t say anymore rubbish, STI will slowly recover. It is highly anticipated that STI will close above 3,200 today.
There can be 2 strategies for swing trades –
Strategy 1 – Enter today in fundamentally sound counters. Identify the previous low as support. Exit when traget is reach.
Strategy 2 – Let the index consolidate further, forming a higher low first and enter at new support. There are pros and cons in this. Pro – enter when market direction is clearer. Cons – the counters might have all run for sometime already.
Jayson's Financial Trading 