Market gapped up after modest gains from overnight DJ. 3043.28 has turned support for the time being.
News update :
1) US industrial output increases for 14th consecutive month.
2) Dow industrials up 30 points as US stocks fend off early weakness.
3) US stocks finish higher as gains accelerate late in day ; Nasdaq up for sixth session.
Quick picks :
Hong Kong Land enter 6.15 SL 5.74
Genting enter 2.01 SL 1.82 (Stock broke out, but be cautious when trading)
Genting HK enter 0.515 SL 0.435 (Same situation as Genting)
OUE enter 3.07 SL 2.93
M1 enter 2.31 SL 2.22
Midas enter 1.03 SL 0.95
Trek enter 0.535 SL 0.47
Market Commentary from MF Global :
Wall Street ticks up but trading range-bound (reuters) – US stocks rose on Wednesday but remained stuck in a recent trading range as disappointing economic data hindered the S&P 500 from breaking through 1,130 a key technical level. The Dow Jones industrial average gained 46.93 points or 0.45%, to end unofficially at 10,573.42. The Standard & Poor’s 500, rose 3.99 points, or 0.36% to end unofficially at 1,125.09. The Nasdaq Composite added 11.55 points, or 0.50% to close unofficially at 2,301.32.
Japan may selll Yen for second day to protect economy (Bloomberg) – Japan may intervene in the foreign-exchange market for a second day to stem the yen’s gain to a 15-year high against the dollar and protect its exporters. Chief Cabinet Secretary Yoshito Sengoku said the finance ministry “seems to think : 82 yen per dollar to be the line of defense, after it reached 82.88 yen yesterday. Government officials speaking on condition of annoymity have previously said volatility was a bigger concern than the level. Officials said Japan may continue selling the yen in the US and into today’s Tokyo trading if needed.
Analyst’s Recommendations :
1) MS upgraded Singtel to Overweight ; $3.60 Target (2010/09/16 08:36AM)
2) Citi ups Genting Singapore Target to $2.45 ; Buy (2010/09/16 08:54 AM)
