Daily Summary - 30 Mar 2012

YOUR MORNING COFFEE – Friday 30/3/2012

SUMMARY
· Wall St closed 0.1% higher. Weekly initial jobless claims dipped to 359,000. Overall, markets appear to drift cautiously, ahead of the first quarter results season next month. Consensus opinions call for a dip in corporate earnings, and this may be the catalyst for a correction in the 2Q’2012.
· Dow of 13,145, has completed its small pullback at 13,002, indicating a resumption of upmove. The all time high is at 14,198. RSI of 56, is neutral. Caution is on the key support 12,860, which will be negative if breached.
· Dollar Index is lower at 79.0. Downside is at 78.6.
· Crude oil is lower at USD102.8. Support is at 101.0.
· Dollar yen is lower at 82.2 yen. Support is at 80.5.
· Euro/dollar is higher at 1.332. Upside is at 1.347.
· Gold is lower at USD1660. Upside is at 1728.
· Shanghai closed lower at 2,252.
· Singapore STI closed lower at 2,994.
· Ringgit is weaker at 3.068. Downside is at 3.110.
· S’pore ringgit is higher at 2.440. Resistance is at 2.440.
· Malaysian market closed higher at 1585. On the Daily chart, the upside of 1609 remains intact, with support at 1573. RSI of 60, has stabilised. Today’s range is between 1582 and 1589.
· CPO May futures is lower at RM3477. Resistance is at 3630.
· Trading : BINTAI ( 6998 : 0.38 ) : Targeting 0.48, NICORP ( 4464 : 0.48 ) : Targeting 0.58, KBB ( 7182 : 0.58 ) : Targeting 0.63, SMARTAG ( 0169 : 0.225 ) : Targeting 0.28

Source:Jupiter Securities Research 30 March 2012