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Monday, February 22, 2010

Market Update

After Feb announced to increased the bank discount rate from 0.5% to 0.75% after market close last Thursday, US futures dropped sharply, but before market open on Fri, the loss was recovered mostly. And market was closed with slightly gain of 0.2% or 2.42 points for S&P on Friday eventually. This is another example to tell us "news is not that important, most of time it create noise to the market only'

SPX have been rebounding up for eight consecutive days, back to near a the 1115 resistance level now. There is no clear direction as for now. I will be watching the two horizontal line as drawn in the below S&p chart.

2010Feb-S&P 500-800x600

STI had a big intraday swing on last Friday. it lost as much as 40 points and then was push up on late after trading, back to 2760, the support level I said to be watchout in previous post. It may come back test the uptrendline as drwan in the chart below, or get bounced to upside from 2760 level. Either side is possible.

2010Feb-Straits Times-800x600

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