2021-11-30 16:59:08
In our previous post, we talked about the current market situation as well as some predictions on how the market will react to the
Omicron variant.
https://www.facebook.com/BursaPilot/posts/131057632648766
We still stand by what we said in the previous post, so the key thing is still how things develop in the coming few weeks. As more information regarding the
Omicron variant will be released, the market can then understand and react to it.
For the time being, the
US market doesn't seem overly bullish as
VIX bounced upwards again, showing that the
Dow Jones market still has a considerable amount of fear within it. Though, VIX is yet to breakout from the $29 key resistance area.
Ironically,
FBMKLCI which had a terrible performance for the past few weeks began to see some bullish rebound recently. This is likely due to the public opinion on the current situation where a portion of traders believe that the Omicron is a huge danger; while another portion of traders feel like this is just another Delta variant.
Glove counters definitely saw some movements, however selling pressure is still heavy. This is expected from big downtrend counters as there will be many people who are looking to cut off their trapped positions.
Conclusion, it would be best to wait for market to stabilize and show a clear direction before rushing into trading again.
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