Ox Year = Bull Year?? STI

STI: The index rebounded from a low of 1,480pts in Oct'08 to a high of 1,900+pts in early Jan. Without the economy facing a 'rainy day' that prompt our usually 'thrifty' government to consider using the country's national reserves, there won't be much room to go up after our Budget Day goodies. Anyway, this is probably priced in so the rally may be a really short one. STI looks likely to test the 1,480pts support (coincidentally that's 38.2% absolute retracement of its historical high of 3,900pts) in the coming weeks. If this support breaks, the next one is at the 1,200pts low during the 9-11 attack and the 'Revenge for my father' War in 2003 by George Bush. For the sake of many, this support better hold if not we will really have a 'Great Singapore Sale'.

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