Dear readers, I shared with readers on 8 Jul 2020 that past midnight that day, I did not sleep but was busy selling some of the US stocks which I held (you could read the post here). I had sold the stocks as my analysis has led me to deducing that the overall stocks markets including Singapore’s are to correct next. This is especially so as several US stocks have been overbought like those stocks which I mentioned here: Twelve Overbought NYSE NASDAQ stocks. Stocks markets corrections are imminent.
Yesterday, the STI has already fallen by around 0.8% and more downward trend is likely. The near-term support at 2,500 which I have been mentioning many times will be reached soon.
In the current world where Covid-19 has not stopped or even slowed, there are really few positive catalysts in the stocks markets. Investors should really prepare for some liquidity for safeguard and as a war chest to invest in the stocks markets when many investors have fled.
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