No momentum. Should not go higher than 1100 without a correction. Could this rally be over for now? I think that if KLCI close below 1050 at the end of the week, then it should visit 1000. Whether 1000 will be broken or not is still to early to tell. Generally, the market is still holding up:
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SSECI has broken out of channel trading. How high can it go? Too bad Hong Kong stocks are not following. Now, let's look at the percentage gain from low to high for the following markets:
Some markets made the low in Oct 2008 while some in Mar 2009. The winner is India, giving 100% gain. Malaysia is 2nd last in the list. Even USA markets perform better then us. Anyhow, the low to high journey has not encounter any serious correction. So, in the next few months we will wonder whether it is a correction or something more serious.
Easy money has been made, the next phase is tougher. No clear indication whether the market will continue to move up strongly, or to consolidate, or to change direction.