Dear readers, the Straits Times Index (STI) yesterday corrected by 3.44% to 2,704.21. The correction was one of the most significant in recent months of the STI. I was not at all surprised by the Singapore stocks markets correction yesterday. In my 7 Jun 2020 post , I commented that given the Straits Times Index was overbought and no positive catalysts to drive the Singapore stocks further, “ the Singapore stocks markets will correct soon, to the 2,500 support level first”. And after my post, the Singapore Straits Times Index retreated by 3.44% yesterday.
I maintained my view that the Straits Times Index will retreat to the 2,500 level, that is a further decline of 7.6% for the STI is likely. Thereafter, in my analysis which still stand, the STI will in the worst case situation decline all the way to the 2,000 level mark, that is another 20% decline. This decline could be gradual or could be catalysed by geo-political developments.
I advise investors to stop investing for a while. Spend more time on your family, on your health and on your passions. And come back to the stocks markets when all investors have fled. Then, with your cash in hand, you can become a King.
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