Obama won the election. It was a close call as Romney garnered as many votes as him. In the end Obama wins. Wall street wasn't delighted by his win as his continued legislation means nothing will change in terms of monetary policy except for a possible tax rise for companies and wealthy people at the end of the year when Bush's tax cut policy ends. Romney, on the other hand, proposed tax cuts for companies and government spending cuts. No doubt Wall Street was hoping for Romney to win. Markets were bullish for awhile when Obama was announced the winner. Then later it when into a massive selloff. Short sellers sure made a good killing.
The Euro had massive selloff. The pinbar was an indication of the impending short. It will still get very tricky next week to trade the Euro. But look into JPY instead.
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| Bullish Pinbar in USD/JPY |
Bullish Pinbar has formed in USD/JPY. Friday markets did not sell off as markets were taking profit due to the fact it is the last day of trading week. Also some currency pairs have touched their support. Might look for a long next week.
Singapore Stocks
Noble Group had a disappointing earnings report. Share price plunged massively during opening. However, Wilmar had a different story. It had reported better than expected earnings. Shares surged on opening. It is still stuck in a range for now. Value buyers might look into this stock.
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| Wilmar |
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