Dow Jones managed to claw back from -300 points to -20points yesterday despite the mentioned news. However, Market volatility (VIX) has hit a high of 43.64 before close at 34.61, which means Hell broke loose in all markets very similar to the sub-prime crisis, where choppy trades and waves of news surround the Wall street.
Bearish in STI as it has been trading below 200 MA. today's rebound is expected since the index was oversold at -3% yesterday. Long term investors will bargain hunt due to the recent strong earning and economic results. The spate of events did not deter them from buying, especially shipping counters when Baltic Dry Index was up 6.7% today, casting a positive outlook in the forthcoming months.
Trade with Care.
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