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Daily: Bear wins

Today STI seems to be moving further down and STI 3000 mark will be a hard resistance to break. Looking at 2930 for minor support. The overall market looks weak. Will be looking into a correction before entering into market. Hopefully it will rest at major support again.

Property market is one of the weakest sector ever since China is hell bent on curbing speculation. But the developers ain’t heeding the advice. Will it be another Obama-Bank situation?

One real surprise is that Noble did not break the $3 mark, which if it happen will face a deep correction. $3 is also the price which the outgoing CEO is being paid for all his stock and options.

Will be looking at the performance of Dow tonight. If it continue to a landslide, the US market will be a very ugly scene to be in since it has been too far away from HOME (20d MA).

Will be looking into down trending counter to short to hedge against the downward movement.

Anyway with this article, seems like things doesn’t look good

May 3 (Bloomberg) — Investor Marc Faber said China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst.

The Shanghai Composite Index has failed to regain its 2009 high while industrial commodities and shares of Australian resource exporters are acting “heavy,” Faber said. The opening of the World Expo in Shanghai last week is “not a particularly good omen,” he said, citing a property bust and depression that followed the 1873 World Exhibition in Vienna.

“The market is telling you that something is not quite right,” Faber, the publisher of the Gloom, Boom & Doom report, said in a Bloomberg Television interview in Hong Kong today. “The Chinese economy is going to slow down regardless. It is more likely that we will even have a crash sometime in the next nine to 12 months.”

An index tracking Chinese stocks traded in Hong Kong dropped 1.8 percent today, the most in two weeks, after the central bank raised reserve requirements for the third time this year. The Shanghai Composite has slumped 12 percent this year, Asia’s worst performer, as policy makers seek to rein in a lending boom that’s spurred record gains in property prices. China’s markets are shut for a holiday today.

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