After a rally of 57 points yesterday, STI is now at 2917. The index is still in "Bear" phase. However the good news is the index is now closer to the 50 day moving average of 3077. It is yet to be seen whether the index can climb over this resistance level.
The index has been in "Bear" phase for 44 days since 9 Jan 2008. And if you are a trend follower, then the best strategy is to stay on the sideline and wait for the storm to clear.
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