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Sunday, January 17, 2010

Weekend Charts >>> Market Movers

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2010 Wall Street's First Selloff
Wall Street suffered its first selloff of 2010 on Friday as robust earnings reports from bellwethers JPMorgan Chase and Intel failed to impress the red-hot markets.
The Dow Jones Industrial Average fell 100.90 points, or 0.94%, to 10609.65 erasing a week's worth of gains and put some distance between the Dow and S&P 500 and their fresh 15-month highs.
It's worth nothing the markets closed well off their session lows as the Dow had been down as much as 149 points earlier.">
The S&P 500 lost 12.43 points, or 1.08%, to 1136.03
The markets’ negative reaction to the early earnings beats could signal that much of the good news has already been baked into a market that has surged 70% since last March.
For example, the financial sector slumped almost 2%, making it the biggest weight on the markets, even after JPMorgan Chase's earnings report beat the Street. The banking giant said it earned $3.3 billion, or 74 cents, in the second quarter, well above the year-earlier period and beating estimates for 61 cents. However, JPMorgan’s revenue of $25.2 billion missed the Street’s view and the bank declined to boost its dividend.

Malaysian shares poised for a pre-Chinese New Year Rally
Rotational play would continue for the next two to three weeks across all sectors in small and big-cap stocks.
Investors believed the market sentiment would remain bullish and most of them were eagerly awaiting Public Bank's earnings result and the unveiling of the new economic model -- the basis and direction of the country's economy in the future.

The Nasdaq Composite slid 28.75 points, or 1.24%, to 2287.99
The tech sector sold off despite the fact that Intel said its fourth-quarter EPS surged from 4 cents a year ago to 40 cents in 2009. Analysts had projected EPS of 30 cents. The tech bellwether’s revenue jumped to $10.1 billion, topping the Street’s view of $9.35 billion. Other chip makers such as Advanced Micro Devices and Nvidia also slumped.
FBM KLCI upward bias; ample liquidity to keep the market buoyant
For the week just ended, the FBM KLCI added 5.6 points to end the week at 1,298.58.
Total turnover increased to 8.014 billion shares worth RM9.018 billion from 6.161 billion shares valued at RM7.966 billion.
Volume on the main market rose to 6.964 billion units valued at RM8.733 billion from 5.945 billion units worth RM7.706 billion.

Extra energy needed for red hot bulls to break the FBM KLCI 1300 heavr reisitance convincingly and if that "jadi" look for the 1,332 points as the next hurdle, followed by the 1,347-1,350 points range. Support is seen at 1,286 Fibonacci Retracement, 1,278.67 and 1,272 , which is also the 14-day simple moving average (SMA), 21-day SMA and the 50-day SMA respectively.

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