Chart Source: Poemsview: 18th June 2018
Image source: independent.co.uk
Straits Times Index took a beating post Trump-Kim Summit as the impact on our Straits Times Index was minimal as anticipated.
The issue of interest rate rising, on going trade wars are more impactful as compared to the summit.
As explained from our previous post, we would be looking out more on the recently Fed meeting and China and US trade war.
Fed Increased interest rates over the week and signalled for another 2 more for 2018 taking it to a total of 4 times for 2018 which is one more time more than the expected 3. This shook the markets a little too.
Over the weekend, Trump slapped up to $50 billion of tariffs on China goods and in retaliation China returned the favour with tariffs on US goods of up to $50 billion too.
As for our Straits Times Index, we broke the 200ma and started heading down surpassing our expectation of 3397
We closed at 3356 and might even see 3340 and even 3313 if our market remains weak.
As you can see, most of the counters we been mentioning are for short and to have CFD to short is critical.
If you are interested to know more about shorting and how to use Poems CFD to Short, we will be conducting a workshop very soon so keep a look out for it.
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