SET Index : Beating expectations
March 8, 2011 Leave a comment
A slice of humble pie for Hoonthai, we really did not think the market would be able to breakout today, but given the flows were above the 40bn mark – which is a prerequisite for a decent breakout, 1018-1022 then 1031 to 1035 are the next levels to deal with, with1005- 1007 initial support, them 999
With the foreign net buy of over 3bn, the Thai market is brushing off current geopolitical issues very well, and with the MPC likely to bump up interest rates by 25bps Wednesday, there is a strong argument Thailand is indeed a good home for some of the hot money from the west, borrowed at rates that make buying pretty much anything attractive.
Just how far the market can push in coming days is anyone’s guess, but at least stock specific trading opportunities will be good to make up for the increasingly erratic Index charts, and by default those of the SET 50 futures. Time for sector based futures we say. They will make less volatile trading and will be an excellent hedging tool.