Take a peep at the market during lunch time -- KLCI is relatively resilient and working hard to defend 1200. It's a 50-50 that 1200 can hold as traditionally this is a tough resistance and a strong support as well. Having said this, almost as good as saying nothing all, I will wait and see.
What is upsetting the US markets ?
Job reports ? Unemployment rate to rise, could hit 10 percent
China PMI came in weaker ? Came in 54.3 vs. expectation of 55?
The US ISM came in weaker unexpectedly ? Decreased to 52.6 in September from 52.9 in August.
And people ignoring positive news
IMF raises 2010 growth from 2.5% to 3.1%.
Pending Sales of Existing Homes in U.S. Rose 6.4% in August
US consumer spending surges in August
One simple explanation : markets are looking for excuses to take money off the table. The good news and bad news were about even for the last few days yet the market indices turned red, obvious path of least resistance is correction. Market will continue North bound after the corrections.
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