Cosco is down on profit taking, currently trading at 1.78/1.79. It probably will test 1.75 support now that the higher support has broken. My view is unchanged that Cosco is still on the way up. This is a retracement. My view will be negated if Cosco breaks 1.75 and trades all the way down below 1.60. If this scenario happens then reevaluation is needed.
Despite the STI rallying close to 80 points since breakout at 3000, the 3 banks have not been performing. In fact, the 3 of them are testing support near their respective support lines. The main component stocks that have strapped the STI along the rocket ride are mainly Genting ,Jardine C&C as well as the commodity stocks. Should the banks break below 8.70 OCBC, 13.80 DBS, 18.43 UOB, i believe one should be wary going long for the time being. The correction in financials will take a toll on the index and especially if Genting's steriods run out.