Tuesday, November 27, 2007

STI down after Dow 237 pt drop

STI was down 46 pts to close at 3372 with a volume of 1.75 billion. If you take a look at the intraday chart of STI, we see that throughout the morning, STI was down by around 2%. A sudden spike around 11 am causes a huge buying spree (intraday high of 3400) before it retraced and consolidate around 3370 region. What causes the spike up? Probably the news that citibank managed to sell its capital to Abu Dhabi group for 7.5 billion USD.

Dow futures is now at +45.

Sold off GK goh today at a loss. Wanted to trim my portfolio for some time already, so today somehow reached a point where I put my decision to action. I felt relieved immediately, sort of, haha :)

As discussed with fishman, we will be doing a fundamental analysis on Popular. I have a biased opinion on this already - heard two person saying this is a bad buy - but nevertheless I will try to find out for myself why this is such a bad deal. Dateline for homework is set at next week, 4th December. Anyone who wished to join us just leave a comment. I'll try to figure out how to discuss the finer points of our analysis :) hee hee, the best way to learn is to have an opinion and debate about it!

STI to test resistance at 3400 again? :) Let's just hope it won't fall to below 3300.