Morning,
Running a bit late this morning, so a quick recap over friday's move. Clearly leads don't bode well for Asia, with JP discussing problems with their bad loan issues, whilst commodities generally took a hit from general sentiment. Risk aversion returned on friday, with the S&P 500 lowered more than 1%.
Looking ahead, we believes there are increasing volatility to the market, given the amount of negative pipeline of data, whilst authorities looking to contain stimulus. Though, one may look on the bright side that given the amount of measures in place already, the pace of stimulus withdrawl may slow down.
We remain to believe that HSI shall be trading narrowly, looking to consolidate within the range of 21800-22300. We may expect HSI to lower less than our US counterpart today, within 0.5% range due to continual technical buyings on support after a weekly down last 5 sessions.
Again, sector rotation is our main theme. We may look into consumer names, utilities, and telcos.
Monday, 18 January 2010
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