You can be a terrible fan of the bulls yesterday, but did your support waver given the market performance on Thursday? A (6 weeks) unprecedented scene of loss -34.48 points by the STI and a huge black candlestick is enouhg to scare any investor/trader and put him on his seat waiting to get out of this hugely overdue correction (if it was/is going to unfold).
But by tonight, Dow has, at current time of writing this blog post, amassed a staggering +112 points. I admit that I was, too, cautious in the whole of Thursday, contemplating a correction and liquidating but I thought most of my portfolio were doing -1% and it seemed pretty strong until the last 20minutes of STI trading when all it all went haywire and I was not monitoring the market, and so did not execute trades.
Then I went home to look at the STI for proper, clearer analysis. This was what I saw.
Assuming STI follows Dow's performance and stages a rebound tomorrow, it will become obvious that this is yet another higher low situation. As for higher high, it really depends on the market's stomach for riskier pricing to break the 3000 barrier that we have seen only weakly taken over on Wednesday.
I am still bullish about the STI and Singapore stocks in general. The market took a correction today, far bigger than that of other Asian markets also because of its stellar performance over the last week compared to the rest.
I am less worried now.