Tuesday, June 21, 2011

Market Analysis -- 21st Jun 11

FTSE STI closed at 3,031.98, up 18.38 points or +0.61% for lunch break moving back inside the triangle formation.  Note, if the triangle is drawn taking all the intra-day low point, STI has yet to drop out of the triangle despite hitting 2,999 on 17th Jun, which was the lower boundary of the triangle.

Market at the moment is very much event driven namely the Greece's debt issue and US recovery.  Couple of events that could dictate the movement of the market this week.  Greece's PM vote of confidence in the Parliament today and US Fed meeting today and tomorrow.

Market in general does not like uncertainties, once those removed, market will be able to re-focus back on the fundamental issue.

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