Daily Summary - 1 Aug 2012

YOUR MORNING COFFEE – Wednesday 1/8/2012

SUMMARY

• Wall St closed 0.5% lower, on cautious expectation of hope that central banks in Europe and US will take steps to support the economy this week. US Fed will meet Wednesday, and ECB on Thursday. Personal income rose 0.5%. Home prices rose 2.2%, on the S&P Case-Shiller index. Chicago PMI index rose to 53.7. Consumer confidence rose to 65.9.
• Dow of 13,008 is heading for a retest on the previous high of 13,338.
• RSI of 58, is on the rise.
• DOLLAR INDEX is down at 82.7. Upside is at 86.2.
• Crude oil is lower at USD88.0. Resistance is at 93.6.
• Dollar yen is lower at 78.1 yen. Support is at 77.9.
• Euro/dollar is higher at 1.229. Upside is at 1.245.
• Gold is lower at USD1612. Upside is at 1740.
• Shanghai closed lower at 2,103.
• Singapore STI closed higher at 3,033.
• Ringgit is firmer at 3.124. Downside is at 3.210.
• S’pore ringgit is lower at 2.510. Upside is at 2.540.
• Malaysian market closed lower at 1631. On the Daily chart, it is targeting 1710 over a longer term. Near term pullback support is at 1590-1610. RSI of 58, is up. Today’s range is between 1628 and 1638.
• CPO Sep futures is lower at RM2953. Support is at 2924.
• Trading : LANDMRK ( 1643 : 1.00 ) : Buy below 0.99, MYEG ( 0138 : 0.68 ) : Targeting 0.80/Stop loss 0.65, BRDB ( 1473 : 2.72 ) : Take profit, JOHOTIN ( 7167 :1.62 ) : Targeting 1.84/Stop loss 1.50

Source:Jupiter Securities Research 01 August 2012