DJ futs –20, despite so, regional was mostly positive sentiment on feel good factor in the financials sector after Goldman Sachs gave the bulls a good excuse to long. HK led with HSBC. China on follow through after recent strong ecnomic data. NK -1% though as focus on automobile sector.Cash was strong from the onset. Closed at year-high 953.71/+12. Not too sure the reason but local analyst did revised KLCI target higher for the near term and probably entice retail to re-enter. Ringgit stronger, I suspect foreign buying as well.
Despite a weak start, FKLI later took cash direction and reversed early losses. Cash trenad remains bullish above 940.
Technically, cash and FKLI reversed Monday’s toppish outlook in a very convincing way too. Bears are now exposing themselves with another fresh risk towards 980++ as consolidation phase did not materialize today. Immediate support is raised to 950.
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