STI support is around 3320, which coincides with 50% fibo retracement, so I should expect a good support there. Resistance level at 3400 happens to be near 38.2% fibo retracement. That might explain the why STI failure to close above it.
I guess things are shaky all the way till 18th Sept, where the much anticipated rate cut by FED is to be announced (if at all). If history can shed some light on the future, here it is:
I've shown this way back in previous posting, but thought it's good to see this again. Historically from 1985, STI had its worst months in August. This year isn't any different. Sept is going to be down on average too, though the magnitude of the drop in STI isn't that great compared to August. This is to prepare for the big rally that happens usually in October to January period.
Dow futures is now at -17, Europe is a mix of red and green.
Swiber announced more plans to sell and leaseback its vessels. It executed 2 letters of intent with R.S. Platou Finans Shipping A.S to sell and lease back a total of 5 vessels. The sale and leaseback is for a period of 8 to 10 years, with Swiber having the option to purchase back the vessels after a certain period.
Stocks on my watchlist took a slight beating today. Probably taking profit off the table, not shortist action, judging by the volume. The volume nowadays is so low. If a stock have more than 30 k volume transacted, it'll be in the top volume list already. Construction went down because there is no more positive news flow to excite speculators. What the hell is the relevant authorities doing? Saying contracts announcement from June to july to august...and now is already sept!
Let's hope Dow don't diarrhea tonight after its Labour day holiday.
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