STI seems to have bottomed for now and is looking at rebound. The gap down was closed and target looks set to be around 2800 with 2770 as first resistance. 2800 is tricky as the 20MA, 20EMA, as well as a support turned resistance line currently stands. Failure to clear above the line would mean more down side.
2811 is interesting as it was the most recent high. If it manages to go above that, the failure of the lower high theory will suggest more upside to come.
Right now, Dow is rallying on hope that QE3 is coming. Hope can carry the market a long way but once it diminishes, the world can come crashing down...
I took an impulsive short position on Citydev on closing. I saw how much it gapped up between closing and matching period and decided to test the market with a small short. So far it closed at the upper resistance line and just below the 200ma. But with US rallying, it most probably will break up with prospects of it hitting around 10.40 region with the bollinger band and MA present.
Be nimble. I'll judge what to do when I wake up tomorrow morning and dow has closed.
