After 109 trading days, S&P500 finally staged a 1 percent drop on 21 March 2017. Is this the start of a correction? Let’s take a look at the charts.
Notwithstanding the rally in the equity market, there are some stocks which continue to be laggards and are consolidating around their key support areas.
For those who have gone to Malacca, they may have seen the property developments by Hatten Land. Some may have gone as far to say that Hatten Land in Malacca may be considered as our “Capitaland” (to some extent) in Singapore. For those who are not familiar with Hatten Land, below is a short write-up.
S&P500 has dropped 28 points, or 1.2 percent from its intraday high of 2,401 on 1 March 2017. Is a correction coming?
Dow has hit daily highs for 11 consecutive sessions, its longest streak of records since 1987! What is next for our markets?
Midas issued a positive profit alert yesterday. It cited “…based on the Board’s preliminary review of the unaudited management accounts of the Group for the year ended 31 December 2016, the Group expects to record a substantial increase by over 70% in its profit attributable to owners of the Company for the year ended 31 December 2016 as compared to the same period of previous year. Such increase was mainly attributable to the contribution from our Aluminium Stretched Plates Division which we completed the acquisition on 27 July 2016.”
Pursuant to Golden Energy’s (“GEAR”) compliance placement at $0.670, GEAR has not closed above $0.670 since its debut on 12 December 2016. In fact, GEAR has slumped 21 percent from $0.655 on 12 December 2016 to $0.520 on 17 February 2017.
The animal spirits seem to have descended on our Singapore market! Our STI is one of the best performing indices with a blistering 7.6 percent year-to-date return. Our FTSE ST Small Cap Index has returned 4.6 percent for the same period. Have you benefitted from this rally?
Midas has recently announced contracts after contracts. Based on Table 1 below, it is especially evident that Midas is gaining traction (particularly from 23 June 2016 onwards) in winning orders from clients, especially from its 32.5% stake in CRRC Nanjing Puzhen Rail Transport Co., Ltd.
Just to recap what I have mentioned on 13 Jan 2017 (see HERE), I wrote “It is clear that S&P500 continues to on an uptrend amid rising EMAs. S&P500 closed at 2,275 on 13 Jan 2017. Since 8 Dec 2016, S&P500 has been consolidating between 2,238 – 2,278 and it seems to be staging an upside breakout.