S&P500 (931, last week 969 or -3.92% w.o.w )
The daily indicators like MACD, MACD Histogram and Parabolic SAR have continued to be positive during the week. However the daily ADX and the DMIs are not positive yet. For the weekly readings, the indicators have not turned bullish. As mentioned last week, the index will have an uphill task to recover and it will be good if it could form a short term bottom around 850 to 950 levels, before going up further. Support is around 900 and resistance at 1,050.
The daily indicators like MACD, MACD Histogram and Parabolic SAR have continued to be positive during the week. However the daily ADX and the DMIs are not positive yet. For the weekly readings, the indicators have not turned bullish. As mentioned last week, the index will have an uphill task to recover and it will be good if it could form a short term bottom around 850 to 950 levels, before going up further. Support is around 900 and resistance at 1,050.
KLSE CI (894, last week 864 or +3.5% w.ow)
The daily MACD and Parabolic SAR have turned slightly positive during the week. However, the daily ADX and DMIs do not show any bullish signal yet. The weekly charts are still in a negative territory.The immediate task for the index is to determine a short term bottom and ideally it should be at 800-850 levels. The index is expected to trade between 830 and 950.
HangSeng (14,243, last week 13,969 or +1.96% w.o.w )
Similar to other markets, the daily indicators like MACD, MACD Histogram and Parabolic SAR continues to register a bullish signal. The daily ADX and the DMIs have not turned positive yet. The weekly charts are still in a negative territory. Like the other indices, the HangSeng index has plenty of work to do and it is best if it will be able to form short term bottoms around 11,000 to 13,000. Support is seen at 13,000 and resistance at 15,500.
Nikkei 225 (8,583, last week 8,577 or +0.07% w.ow)
The daily indicators like MACD, MACD Histogram and Parabolic SAR continues to register a bullish signal. However, the weekly indicators continue to show weakness. Like other indices, the Nikkei needs to find its short term bottom and preferably it should be at levels 7,500 and 8,300.The daily index has plenty of work cut out and it is best to regain some strong support at levels mentioned above. The index is expected to trade between 8,200 and 9,500.
The daily MACD and Parabolic SAR have turned slightly positive during the week. However, the daily ADX and DMIs do not show any bullish signal yet. The weekly charts are still in a negative territory.The immediate task for the index is to determine a short term bottom and ideally it should be at 800-850 levels. The index is expected to trade between 830 and 950.
HangSeng (14,243, last week 13,969 or +1.96% w.o.w )
Similar to other markets, the daily indicators like MACD, MACD Histogram and Parabolic SAR continues to register a bullish signal. The daily ADX and the DMIs have not turned positive yet. The weekly charts are still in a negative territory. Like the other indices, the HangSeng index has plenty of work to do and it is best if it will be able to form short term bottoms around 11,000 to 13,000. Support is seen at 13,000 and resistance at 15,500.
Nikkei 225 (8,583, last week 8,577 or +0.07% w.ow)
The daily indicators like MACD, MACD Histogram and Parabolic SAR continues to register a bullish signal. However, the weekly indicators continue to show weakness. Like other indices, the Nikkei needs to find its short term bottom and preferably it should be at levels 7,500 and 8,300.The daily index has plenty of work cut out and it is best to regain some strong support at levels mentioned above. The index is expected to trade between 8,200 and 9,500.
* Bloomberg: China has on Sunday announced a USD586B stimulus plan to boost its economy and as the world heads toward recession. This amount is approximately 1/5 of China's GDP last year and is very substantial. The earlier forecast in August was USD400b.
* Due to the plan above, crude oil futures jumped over USD3 to USD64 per barrel today.
*G20's current plan for the world: Cut interest rate and start spending!
* Bloomberg: Fitch Downgrades its debt ratings on Russia, South Korea and Mexico. On soverign ratings, countries that have their rating cut are Bulgaria, Hungary, Kazakhstan and Romania. Countries that have their outlook lowered are Malaysia, Chile and South Africa.
* Reuters: Japan's foreign exchange reserve account going down further: Oct end USD977.7b (September end USD995.9b)
* TheStar: Oil and Gas companies still have enough contract in hand. Egs KNM -contract value RM4.6b -duration 2 years, Coastal -RM1.7b-3 years and Tanjong Offshore-RM1.5b-4 years.
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* Berkshire posted its 4th quarterly decline due to 1)hurricanes on insurance operations and 2) battered stock markets on investments.
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* Kenanga's economist pointed out that recessions period in the US from 1950-2004 as defined by the National Bureau of Economic Research on average lasted for 10.3 months, the last one in March 2001 ends in November 2001 or 8 months. The longest was 16 months ie July 1981 to November 1982 and November 1973 to March 1975. The shortest was only for 6 months ie January 1980 to July 1980. You do your own assesment on this one in 2008...Any interesting guestimates you like to share?
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