YOUR MORNING COFFEE – Thursday 8/11/2012
SUMMARY
- Wall St closed 2.4% lower, on concerns over how Obama plans to avoid the fiscal cliff where tax hike and budget cuts kick in January 2013. There is a possibility of Congress and Obama deferring the fiscal cliff, to give more time to work on a deal.
- Dow of 12,932, is on a support at 12,848. Resistance is at 13,600. RSI of 35, is approaching oversold.
- DOLLAR INDEX is higher at 80.7. Resistance is at 82.0.
- Crude oil is lower at USD84.4. Support is at 82.2.
- Dollar yen is lower at 79.9 yen. Resistance is at 80.5.
- Euro/dollar is lower at 1.276. Support is at 1.2700.
- Gold is higher at USD1717. Support is at 1643.
- Shanghai closed lower at 2,105.
- Singapore STI closed higher at 3,043.
- Ringgit is stronger at 3.058. Downside is at 3.09.
- S’pore ringgit is lower at 2.499. Upside is at 2.540.
- Malaysian market closed lower at 1645. On the Daily chart, it is targeting 1710 over a longer term. Support is at 1637. RSI of 38, is down. Today’s range is between 1640 and 1650.
- CPO Jan futures is higher at RM2397. Support is at 2320.
- Trading : GENTING ( 3182 : 9.30 ) : Take profit, DIALOG ( 7277 : 2.52 ) : Take profit, ILB ( 5614 : 1.01 ) : Take profit
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