A New Wave of Sell-off

STI dropped 90.38 or 3.45% to closed at 2531.02 today. What a drop.  In fact it just broke out from its consolidation area 2700-2800 and I see a new wave of down turn just started. Next target for STI is 2434 level.

Among the three shorting candidates I prepared early morning(previous post), I shorted F&N and Wilmar when they did break out.

Wilmar had fall-out from its major support in late afternoon trading. It's over for bulls. further drop is expected.

However, just a caution to bears, as my momentum indicator tells me market is going into the extreme level now, which it's possible for it to have a technical rebounce.

The banks was hit badly today. With current Europe crisis is not going be solved soon, I don't see a bottom in near future. Market could drive down further...