Major news:
The US central bank, or Federal Reserve, agreed to provide cheaper dollar funding to the European Central Bank—which can then provide cheaper dollar loans to cash-strapped European banks. The goal is to ease the credit crunch in Europe.
Chinese stocks, which have been languishing in recent months, got a shot in the arm on Thursday after the central bank cut reserve requirement ratios (RRR) for all lenders by 50 basis points.
The outcome is the DJI rising by more than 4% to close above 12,000. Asian market thus gapped up when it opened this morning. But after that, trading became cautious and the STI basically went sideways after that. The STI is now at the 50day moving average line. I am not sure if it this will be the support or resistance. However, momentum is continuing to turn up. Support is about 2700, while resistance is about 2900.
Golden Agri continues to rise. Support is 0.695, resistance is about 0.745.
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