The price action for the STI today was surprisingly strong during the later part of the day. The STI managed to close above the 50day moving average and above the 2800 level. The technical picture for the STI is still rather mixed. Momentum is still falling, the medium term trend is up but the longer term trend is down.
But do note that the US economy is growing, and the Eurozone, despite its much publicized sovereign debt problem, is also growing, albeit at a very slow pace. China also appears to be having a soft landing. So all is not lost.
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