Upbeat Jobs Report plus GREECE worries weighing on WALL STREET on FRIDAY MIXED Trading day. With NASDAQ still trading above 5000 points, the NASDAQ index showing a gain of 9points at 5068. The DOW JONES is trading near its support level at 17800 which is critical to watch on MONDAY. An upbeat jobs report is hinting at the FED with a potential rate hike in the coming FOMC meetings being scheduled in July28-29 or September16-17. We ruled out the possibility of the rate hike in JUNE16-17 meeting at being too soon that will unravel global equity markets. In EUROPE, Greece worries is taking a toll on EUROPEAN equity on FRIDAY(possible GREECE exiting EURO will solve the current turmoil). IN CHINA, the SHANGHAI INDEX has risen above 5000 point at 5023 on FRIDAY. The CHINA market is currently experience a bubble crisis at unreasonable trading valuation with some CHINESE companies trading with P/E ratio as high at 12,000 times.
We still see SINGAPORE STOCK market trading valuation at P/E ratio 12 x healthy and will like to trade on TECHNICAL oversold RSI conditions, M&A counter and some PENNY stock(Good FA& PA).
STI support level - 3300