Singapore market (09 Nov 12)

Singapore market: likely to see another soft open today, mimicking Wall Street’s extended declines spurred by worries about the US “fiscal cliff”. Bellweather names like Apple , Google continue to be hammered, setting the tone for this down leg. Weak results and operating performance by Groupon, McDonalds also suggest underlying consumer weakness, which could dampen sentiment. In the region, KOSPI and Nikkei are leading the way, down 1.4% and 1.1% at 8.05am. Technically, the STI is dipped below a key support at 3027. Next near term support is the psychological is at 3000, followed by the Sep ’12 low at 2977 (also near the 200 day MA). RSI and Stochastics continue to drift at below neutral levels, indicating continued near term weakness.