Summary for the Day

The KLCI Futures market opened at 916.5, lower than yesterday’s closing price due to continuing bearish market sentiments after DJIA closed in negative territory.  It is also a tight day for day traders to scalp some money out of the market as the daily range was 9.5 points and the support and resistance level of the Trading Tips for the Day would not have produced profit today.

Market sentiments around the region continued to be bearish as Hang Seng, Nikkei and Straits Times all closed in negative territory due to continuing worries about the deteriorating health of the economy.

The earning reports for Sony and some other companies will continue to be poured out today but most expect them to be unfavourable.  That could lead to the DJIA to continue its slide today.

Summary for the Day

The KLCI Futures market opened at 919, very close to the previous day’s close.  For those who followed my Trading Tips for the Day would have found it very useful as I called for a long at the support area of 916 and the market today made a low of 917, well supported above 916.  Thereafter the market continued to trend up a little and broke the breakaway level of 924 noted in my Trading Tips for the Day.  The market closed higher at 928, up 9.5 points.

Market sentiments around the region continued to be slightly bearish as there are no fresh leads.  Hang Seng and Nikkei closed at just about negative territory.

Daily range of KLCI Futures market was 14.5 points, which is quite a good environment for day traders to make some money.  Volume was average at 6644.

A key US jobs report will be released in US tonight and we could see the market to further trend downwards if it shows that the recession is deepening.

Summary for the Day

As expected, KLCI Futures market opened lower at 916 from the previous day’s close of 921.5.  Those who followed the tip of the day this morning would realise that market stayed supported at the 915 support level for quite a long time and even went up to 920, a chance to make a few points there day trading.  Market didn’t break the 909 breakdown point as the low of the day was at 910.

Market sentiments around the region was not very well the whole day.  Most of the major indices like Hang Seng of Hong Kong and Nikkei dropped about 4% as it is more evident that companies will not be doing well this year coupled with a weak US employment market.  Heavyweights like Lenovo and Alcoa gave very grim outlook of their revenues ahead.

Daily range of KLCI futures market was 10.5 points in quite a tightly traded day.  Those who held short positions from yesterday would find that today is a good day to take profit and probably turn long as the market bottomed just above the breakdown point.  Volume was average at 6189.  The futures market closed at 918.5 (-3.0), while the KLCI closed at 910.52 (-17.10).

Inaugural Post

What a day for me to start blogging about the Malaysian futures market.  It was a very exciting and volatile day for the markets.  The KLCI futures opened 6 points higher than yesterday’s close at 934 amid Dow Jones Industrial Average (DJIA) positive close at 9015.  Thereafter the market made a high of 942.5 and was still support right before lunch.  But after the lunch break, it opened lower at 934.5 and quite quickly made a dip southwards all the way to 920, and stabilised at the price of around 925.

The crash was caused by negative sentiments from the Hang Seng which dropped about 3.4% to 9239.24 when news of Bank of America selling part of its shares in China Contruction Bank Ltd (the 2nd largest lender in China) for an amount of $2.8 billion came in.  The sale is to raise cash amid the economic turmoil.  Most of the banking stocks in Hang Seng were also dragged down by this news.  Another factor dragging down the market was the India’s Sensex index that plunged about 6% when news of accounting irregularities of Satyam Computer Services Ltd. crept into their markets.

Daily range of KLCI futures market was 22.5 points, surely a very fruitful day for careful day traders.  Volume was quite high at 8555.  The futures market closed at 921.5 (-6.5), while the KLCI closed at 927.62 (+5.39).