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STI to cross 3000 boosted by long-term investors

WanSiTong
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14-Dec-2013 06:29

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U.S. Stocks Close Little Changed as House Passes Budget

Dow week

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U.S. stocks were little changed, capping the worst week for the Standard & Poor?s 500 Index since August, with losses in oil producers and phone shares offsetting gains after the House of Representatives passed a budget deal.

The S& P 500 (SPX) fell less than 0.1 percent to 1,775.32 at 4 p.m. in New York. The equity benchmark has fallen 1.7 percent this week, the biggest decline since August. The Dow Jones Industrial Average increased 15.93 points, or 0.1 percent, to 15,755.36 today. About 5.6 billion shares changed hands on U.S. exchanges, 9 percent below the three-month average.

?Investors are a little tired after 12 months of the market,? John Manley, who helps oversee $233.6 billion as chief equity strategist for Wells Fargo Funds Management in New York. ?The budget accord is a plus right now, but there are more technical forces at work. People are looking for gains before year-end.?

Monetary Stimulus

The S& P 500 has surged 24 percent this year, putting it on course for the biggest annual gain since 2003, as the Fed continued to buy assets. Three rounds of monetary stimulus -- or quantitative easing -- from the central bank have helped propel the index to a 162 percent rally from a 12-year low in 2009.

The House passed a budget late yesterday that limits automatic spending cuts and avoids another government shutdown. The deal protects entitlement programs favored by the Democrats and corporate tax breaks that Republicans have demanded. Almost equal numbers of lawmakers from both political parties voted for the compromise. The Senate needs to approve the legislation and President Barack Obama has to sign it.

?Everyone?s just pleased that they got a budget deal done and that they were able to work out a compromise,? Dan McMahon, director of equity trading at Raymond James Financial Inc. in New York, said in a phone interview. ?There?s a lot of anticipation about the Fed meeting next week. There?s the potential that they could talk about some tapering, though I think it?s probably unlikely.?

The S& P 500 yesterday fell to its lowest level since Nov. 12 as a better-than-forecast retail-sales report fueled speculation that the Federal Reserve will decide to taper asset purchases as early as next week. Central-bank officials have watched Washington?s budget negotiations and scrutinized economic data to determine whether the recovery is sufficiently robust to slow their bond-buying program.

Fed Policy

Some 34 percent of economists predict that policy makers will decide to reduce the $85 billion of monthly asset purchases at the Dec. 17-18 meeting, according to a Bloomberg poll on Dec. 6. That compared with the 17 percent that forecast tapering at next week?s meeting in a Nov. 8 poll.

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CNN

Stocks ended little changed Friday, capping a down week for the market, as investors remain sidelined ahead of next week's Federal Reserve meeting.

The Dow Jones industrial average, the S& P 500 and the Nasdaq all fell about 1.5% this week, the biggest percentage decline for the Dow and S& P 500 since the final week of August.

Stocks have surged this year, with the S& P up about 25%. But the rally has faltered in December, which is historically a strong month for socks.

The recent retreat comes amid speculation that the Fed could begin cutting back, or tapering, its $85-billion-per-month bond-buying program when it wraps up its final policy meeting of the year on Dec. 18.

But some strategists say the economy is still too weak for the Fed to start removing its support this year, despite the recent improvement in hiring.

" In this environment, the last thing the Fed wants to do is make a hasty decision it will later regret," said Scott Wren, chief equity strategist at Wells Fargo Securities.

Related: Fear & Greed Index slips into Fear

The latest inflation data could bolster those who say the Fed is unlikely to act this month. Producer prices fell 0.1% in November, according to the Commerce Department. The Fed's target for consumer price inflation is 2%, and some economists say the central bank is more concerned about deflation than the size of its balance sheet.

The tepid inflation data suggests the Fed might wait to see if the recent pickup in economic activity has legs " rather than risk tapering prematurely again," said Steven Ricchiuto, chief economist at Mizuho Securities.

Meanwhile, the bond market is on track to have its worst year in history. Investors have pulled out $72 billion from bond mutual funds this year through the first week of December, the biggest annual outflow on record.

The yield on the 10-year note rose to 2.89% this week, near the highest levels of the year, as investors brace for next week's Fed meeting. Bond yields rise when prices fall, so investors seem to be selling now in anticipation of fewer Fed purchases in the future.

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WanSiTong
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14-Dec-2013 06:22

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World Markets

North and South American markets finished lower today with shares in Mexico leading the region. The IPC is down 0.99% while Brazil's Bovespa is off 0.14% and U.S.'s S& P 500 is lower by 0.01%.

North and South American Indexes

Index	Country	Change	% Change	Level	Last Update
Dow Jones Industrial Average	United States	+15.93	+0.10%	15,755.36	4:31pm ET
S& P 500 Index	United States	-0.18	-0.01%	1,775.32	4:31pm ET
Brazil Bovespa Stock Index	Brazil	-70.43	-0.14%	50,051.18	2:16pm ET
Canada S& P/TSX 60	Canada	-0.25	-0.03%	752.92	4:45pm ET
Santiago Index IPSA	Chile	-13.49	-0.43%	3,093.24	3:06pm ET
IPC	Mexico	-419.72	-0.99%	41,884.83	4:06pm ET

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BullsAndBear
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14-Dec-2013 00:19

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Maybe DJI and S& P500 will give him face and turn green today for his birthday ? haha!

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GorgeousOng
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13-Dec-2013 22:50

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Today is handsome Ben's 60th birthday !!!

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Wisely
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13-Dec-2013 20:39

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Cant compare then vs now. Currently, all these highs are being pump by low interest rate and liquity. As you know the rich will find the cheapest mean of getting $ to maximise the returns.

BullsAndBear ( Date: 13-Dec-2013 18:06) Posted:

http://www.bloomberg.com/news/2013-12-12/greenspan-lesson-signals-emerging-market-gains-chart-of-the-day.html

Emerging-market assets will rally even as the U.S. Federal Reserve scales back record stimulus if history is a guide.

Interesting article...

All credits to Bloomberg news.

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BullsAndBear
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13-Dec-2013 18:06

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GorgeousOng
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13-Dec-2013 17:57

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Dow fut + 43

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BullsAndBear
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13-Dec-2013 17:29

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All my portfolio in the green except kep corp ! ~Roar~ Hopefully Monday it will play catch up ! haha

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Octavia
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13-Dec-2013 17:27

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STI end higher after 2 weeks of losses.Still STI is down abt 3.6% yr to date.

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Shirleyfong88888
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13-Dec-2013 17:18

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Green green at last........😊
With more counters turn green!

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WanSiTong
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13-Dec-2013 16:50

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BullsAndBear
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13-Dec-2013 16:28

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See those index stock that are red one, still got some meat left. I got a feeling next week will gap up haha

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GorgeousOng
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13-Dec-2013 16:00

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Pop corn pop pop!!!
Nice with 🍻 🍻 🍻 🍻
🙈 🙉 🙊 🙉 🙉 🙈

Cheers !!!!

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bishan22
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13-Dec-2013 15:56

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1 more hr to closure, bargain hunters are scooping liao.

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WanSiTong
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13-Dec-2013 15:25

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STI - Technical support at 3015-3040 presents a buying
opportunity

The positive outlook for 2014 will be tempered by QE
tapering talks, which is likely to be a long-drawn-out event....
Risk appetite will stay modest with no re-rating for Asia
markets in sight. However, below-historical-average
valuations should support markets and stock picking
opportunities should be available throughout the year. We
expect Asia markets to return 16% in 2014. Overall, our
regional strategist thinks that North Asia markets will likely
outperform in 1Q14 while Singapore market maintains at
Neutral.

For the STI, the technical support at 3015-3040 presents a
buying opportunity. This support level, which was briefly
tested yesterday, is just below the -0.5 SD FY14F level of
3043. The -0.5SD level was only breached once last year in
June, also on the uncertainty over QE3 tapering.

Source : DBS Group Research . Equity

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BullsAndBear
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13-Dec-2013 14:11

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I got my popcorn ready for a rebound. Especially STI index stocks.

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Angel555
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13-Dec-2013 13:01

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start to look to pick good blue chips now for Capricorn effect into first week of January 2014....kepcorp, glp, ezra, noble etc etc etc

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WanSiTong
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13-Dec-2013 12:43

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last 2 yrs till 2015.........

Octavia ( Date: 13-Dec-2013 12:24) Posted:

That is good news and avoid the prospect of a US government shutdown next year.

GorgeousOng ( Date: 13-Dec-2013 07:51) Posted:

House approves bipartisan budget proposal

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GorgeousOng
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13-Dec-2013 12:26

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Turn green now...
Expect the unexpected!!!
Cheers!!!
Sata is coming in town!!!

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Octavia
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13-Dec-2013 12:24

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That is good news and avoid the prospect of a US government shutdown next year.

GorgeousOng ( Date: 13-Dec-2013 07:51) Posted:

House approves bipartisan budget proposal

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