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Wednesday, November 11, 2009

Straits Times Index

As evident by the much fewer posts I have made lately, I have been very busy engaging in a project.

Contrary to the pessimists who have called for a market top for weeks, STI closed 1 point above the last significant high of 2,739 ( October 15 ). What is interesting is that one of my trading systems has shown a buy signal yesterday and the signal was triggered today:

After closing higher three days in a row, it is reasonable to expect some profit taking especially where the index is touching the trendline resistance. Regardless of whether the profit taking, will take place tomorrow or slightly later, we need to watch whether STI is able to break the upper trendline decisively. I am still apprehensive on whether the two converging trendline is a ascending triangle or a rising wedge!