Wall St Wall St rose 1.3%, cheering on the strong housing, and rally in commodities. Existing home sales rose 10.1% in Oct, the highest since Feb 2007. Dollar weakened following US hint of retaining the stimulus packages; this translates to prolonging the low interest rates. Gold shot up in Asia. Trading may be subdued this week due to Thanksgiving on Thursday, and a shortened Friday trading.
- Dow is at 10,450. Support is at 10,171. Resistances at 10,500, 10,800
- Dollar is unchanged at 88.9 yen. Upside is at 90.6 yen.
- Euro/dollar is higher at 1.497. Longer term upside is at 1.53
- Crude oil is slightly firmer at USD77.Focus is on gold, rising to USD1164. Some resistance at USD1174.
- Ringgit recovers to 3.376, from the low of 3.40. It may have bottomed at 3.40, and is likely to gain to the 61.8% retracement level of 3.37 following the stronger than expected 3Q’2009 GDP growth, which improved to 1.2% contraction, compared to the 2Q’2009’s 3.9% contraction. Upside remains at 3.34.
- S’pore ringgit is firmer at 2.438. With a pullback support at 2.42, the long term upside is at 2.52.
- Malaysia market closed lower at 1270. With strong support at 1268, it is targeting yearend 1292, and 1300.
- CPO Dec futures continues to rise to RM2444. Upside is revised to RM2500.
- Today’s trading range is between 1268 and 1276.
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