As I was blogging about YZJ yesterday, I mentioned about the exhausted gap up in STI. I knew this gap up caught a lot of public who longed because the news was good. When everyone thought it was bullish, I am of course still not bearish until the last 30min where I saw preponderance of profit taking and short selling by the big interests. That's where I knew the public would be panic today when the massacre started from morning till day end. True enough, today ended with a lot of bloodshed and disappointment.
For tomorrow's action, I will watch how much follow through would there be based on today's bearishness and decide if the sellers are in control or any short covering is entering the market.
Ronald K
