BULLS STORM WALL STREET
FKLI Ready To Rock & Roll
The DJIA skyrockets 337.32 points (+2.87%) last night on better Housing Data & moderate Eurozone debt yields. Traders went to town shopping & bargain hunting in true Christmas spirit.
On the local front, the futures index is expected to spike closer to the psychological 1500 Resistance level today.
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Upbeat US housing data bolstered hopes for domestic energy demand. In addition, escalating concerns about Iran's nuclear capabilities sparked concerns about supplies, which also added to black gold's momentum. By the close, January-dated crude futures advanced $3.34, or 3.6%, to end at $97.22 per barrel.
Profit takings in the greenback (USD) also boosted the rebound making oil a cheaper buy for energy and commodity traders.
Local palm oil traders on MDEX are expected to further support CPO prices on supply tightness and spillover of overnight soyoil gains. Soy futures tagged on another 49 cents ( 0.98% ) to close at 49.53 as rally picks up steam.
CPO may shrug off macro worries and resume its uptrend in coming sessions if prices "rise past MYR3,030/ton in the near term," a Kuala Lumpur-based analyst said.
CPO prices envisaged to close-in on the 3100 mark.
HAPPY TRADING
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