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As mentioned in earlier post a few days back, STI had continued its correction path down to below the 100SMA and minor support of 2740 yesterday and then closing back up just above the 100SMA and support today. But looking at what's happening over at US where DJI is down 145 points at the time of this post, it is likely to continue on its correction path down tomorrow as it heads towards the region of 2600 to 2680. I suppose we should continue to stay light and cautious and watch its development.

CSI system scan for position trading showed buy signal for Pac Andes.

With the Dow Jones Industrial Average closing down by 217 points on Friday and down 4.1% for the week and the S&P 500 Index down by 25 points on Friday and down 3.9% for the week, STI may continue on it correction path this coming week. Looking at the STI weekly and daily charts below, it may pull back to the minor support level of 2740 and if this breaks, it may then head down towards the region of 2600 - 2680.



Since the market is only correcting at this point in time, that is the trend is still up since March 2009, it may not be time to go short yet. It will be good to stay light and cautious and watch how far this correction will go.

In the meantime, will be watching the following counters for possible swing trades if the market decides to turn back up and they follow suit. Will need to keep in mind that the market affects a stock much more than the stock affecting the market.

Parkway finally triggered today (posted earlier here), so congrats to those who bought.


Still monitoring Kepland as it now gets into the edge of the buy zone. Furthermore, the MAs are still on the rise.


Another counter to watch for the swing trade is Suntec Reit.

Keeping a watch on the following counters for possible swing trades:

Noble: Strong uptrend stock. May swing back up without getting back into the buy zone as CCI already turning back up.


Indo Agri: Bounced off around 20MA today so if it clears today's high, may swing back up. Only thing is lower volume compared to yesterday.


Kepland: Doji forming around 20MA and previous resistance may be support.


OCBC: So far seems to be supported by 40MA.

Will be keeping a watch on the following for possible swing trades:

OCBC:

Straits Asia:


Parkway:

OCBC has now pulled back into the buy zone and if previous resistance becomes new support, then it may swing back up. Keeping a watch on this.