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Although there was a huge rebound today due to the bailout actions in Europe, the STI had actually fell below the uptrend line due to the falls last week. And it is also still currently below the 50MA and may face resistance as it nears 2901. It may be a good idea to reduce positions during this rebound and look for weak counters (especially those below their 200MAs) to short as they meet their resistance during this short term period.


Cosco back up today but hit the 1.62 resistance for a third time over these past 4 sessions. Lets watch if it will be able to go above this to close the gap.