Over the weekend, the Euro-area finance minister agreed to bail out cyprus in a $13 Billion deal. It was the fifth rescue package since the Europe's debt crisis broke out in 2009. This was a negative piece of news for asian market on Monday. We understand that the report from bloomberg that officals have yet to find an agreement that would rescue Cyprus, which accounts for half of a percent of the euro region's economy without unsettling investors in a larger countries and sparking a new round of market contagion.
Today the Straits Times Index gap down on the open at 3261. We expect the local market sentiment to be affected. However, penny stocks like TT int, GSH Corp doing a technical rebound today. We advocate traders stay away from it and the big boys are unloading.
The market in USA, EUROPE will look set to drop this week with this piece of negative news from Europe. We be staying cautious at the sidelines and waiting for the right opportunities to arise before live sms alerts to our premium members.