Do Pray it is Concrete Consolidation!

Started well this morning, as predicted. With the boost from Wall Street, the market moved upwards. It has now amassed back another 35 points by 11.30 a.m. The blue-chips are being bought up as expected. Even the second liners are getting good support. Some 1.42 million lots have changed hands to a tune of RM 1.27 billion.

So, as you can see, the whole stock market can be compared to mob action. When they panicked, they sell all the way down to the gutter. The whole action is driven by fear! However, when they start buying, they are more rational and more cautious. Biting a bit here and chewing a little there. I think we have more matured and rational players in the market yesterday and today.

If the market should move up a little more this evening, I would expect some profit taking and the market would most likely go sideways by Friday; albeit at a higher level than today.

Digi is moving very fast today and Maybank has chalked up a healthy 40 sen. Plantation counters like PPBOIL and KL-Kepong are making good gains. Looks like most counters are making moderate gains. So do keep your eyes on the blue chips, especially maverick Maybank

So let us keep watching how much the market will recover. It was five really bad days at the Bursa. Can we now have 5 good or even better days ?

PS: As expected the market close off best at 5 p.m. Most of the gains were erased or reduced after profit taking took place in the afternoon.

Quote of the Day:

“A smile can brighten the darkest day.” Unknown

Heartsong