Saturday, November 7, 2009

Stock Market Correction 10%-15% Coming!

An interview with Daryl Guppy published in The Edge Singapore November 9 Issue. Key points to note:

  1. Based on chart patterns, Gold could fall to test USD1,000, then USD960 or USD940. Breakout is unsustainable. Strength in gold is related to weakness in USD.

  2. China market corrected 20% before moving sideways, rest of North Asia and Singapore could follow. If the same behaviour repeats, there's shorting opportunity that last 6 to 10 days.

  3. South Korea's Kospi leads Hang Seng Index and Singapore index. Resistance at 1700, support at 1580/1600. Is retest of 1580 fails to hold, market will move back to 1450.

  4. Hang Seng Index: support at 21000. A fall below gives a target of 19000. HSI follows Kospi behaviour rather than Shanghai index, it is driven by western sentiment, not Chinese sentiment.

  5. Straits Times Index (STI): strong resistance at 2750, broad support at 2650. A fall below gives a target of 2400. If overshoot, downside target is 2200.

  6. Australia ASX 200: next level is 4400, then 4000.

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