Missing Out On The Action!

Yesterday Wall Street hit record high, exceeding the psychological 13,000 mark due to a number of better than expected corporate earnings and M&A activities. This happened despite concerns over the weaker economy and housing slump. US Dollar also fell to a all-time low against major currencies, suggesting Federal Reserve may be forced to cut interest rates sooner. A weaker USD is indeed good news for exporters as well. If corporate results over the coming days or weeks continue to surpass expectation, this may trigger further bullish run.

Asian stock markets have reacted well to Wall Street's record high, putting up an average 1% rise. Singapore market is the best performer for the day. Ironically, Malaysia Kuala Lumpur Stock Exchange is on "holiday", due to the installation of a new King. I am sure many investors will be disappointed by the timing of this! KLSE may go on a late momentum rise tomorrow, depending largely how Wall Street performs tonight.