Wednesday, April 22, 2009

KL Composite Index Still Strong. Futures Close At High.

Charts are always charts. They stand as a guide for us to trade. Yesterday we can see what has really happen to the KL Composite Index. From the opening until closed the KL Composite Index managed to close with just a loss of -1.77 point to close at 966.60 points. The KL Composite futures (Apr 09) close high at 975.50 points with almost a premium of 9 points.

Well the share market sentiment still holding quite well despite a huge fall in Dow Jones Industrial Average on Monday morning. Yesterday night after I went through some of the major world financial indexes, several indexes but not all were showing some weakness sign and some even call for a sell signal. But this has to be confirm by this several days performance especially this week.

In Malaysian share market several counters especially the penny stock have shows more interest in moving higher with the volume yesterday touches above 1 billion. During this period of uncertainties, I'm quite doubt about the movement made by the KL Composite Index because until now we really can't find a pure correction on the index. If we look at most of the blue chips counters, they were just moving into a consolidation rather than a correction.

The sentiment was there but a careful approach need to be implement as we don't want to be caught by these bears if there are several bears hiding behind the tree. When they strike, we won't enough time to cover our selves. We need to behave in order to survive longer because some of us are calling that this market is due for a correction but the share market performance told us that we have fearless bulls at the moment. What a strong bulls we have right now.

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