Weekly Wrap

For the week, Shanghai gained another 1.1%, HSI added 0.3%. The Shanghai index looks LOSING STEAM now, after 8 weeks up in a row, which the index surged more than 1200 points or 38%. and Yes! in just eight weeks. What a move. It formed a doji candlestick on weekly which indicates the bulls are losing steam. The index may pause for a rest-- consolidate or retrace, though uptrend is still well intact.

The US three indexes had a big rebound on Friday but overall, the indexes in red for the week, lost from 0.3% to 1.7%.

HSI also looks losing steam after its 7-week in a row up. It added more than 4400 points or 18% in just seven weeks time, trailing Shanghai index.

STI unable to stay above 3500 points this week, retraced to hit immediate short term support 3465. Uptrend is still well intact, expected the index to move up further after consolidation.