FCPO ended down for three straight days

Another black day for CPO futures as overnight crude oil futures in NYMEX slumped another USD5 to close below USD130 at USD129.29 a barrel. Benchmark Oct 08 plunged to 3358 before it recover and rebound to settle RM 43 lower at 3392.

Still look bullish or bearish in FCPO?

Its look bearish to me. A long black candle violated the triangle zone has brought a new direction to the market. This is the end of the consolidation in FCPO as shown in the weekly chart. Market may continue to move lower in near term. Look for the 1st support at 3280-3290 followed by 3170-3150. For upside, resistance at 3590-3600.

Market tone: weak

Do you see any bull in the weekly FKLI?

No, i don't. Big head and shoulder coupled with weak closing for the week with a long black candle printed. Bear is likely to continue its marathon in near term. We continue to look for the underline support at 1045.5. For upside, resistance is at 1140.0-1145.0

Market view: hold short

KLSE close at the week low

KLSE close at the week low with a big head and shoulder. Downside move likely to continue and may target the underline support at 1090.39 in near term.

Market tone: weak

RTRS - Indonesia may cut August palm oil export tax to 15% from 20% in July - Industry Official

FCPO tumbles

FCPO tumbles after 3,400 levels failed to defend. Market may continue to move lower and target the gap left over earlier May 08 at 3342-3352. While, resistance is at 3405-3433 (gap left over this morning).

KLSE fresh year low

KLSE hit fresh year low in midday break. Market may target 1090.39 in near term.

Lack of follow through buying interest in FKLI

Lack of follow through buying interest support saw prices easing off after the opening gap up.

Market view: Sell stop triggered. Turn short with buy stop at 1125-1130.

Long for FKLI following supportive overnight DJI

Market view: turn long with sell stop at 1098.5-1096.0

Trader's Highlight

DJI-NEW YORK, July 17 (Reuters) - U.S. stocks soared on Thursday on a sharp drop in oil and several unexpectedly strong earnings reports, but the rally may not hold into Friday, given disappointing results from Google, Microsoft and Merrill Lynch after the bell.

The Dow Jones industrial average <.DJI> surged 207.38 points, or 1.85 percent, to 11,446.66, in its largest two-day percentage gain since Oct. 15, 2002, when it had a two-day gain of 5.2 percent. The Standard & Poor's 500 Index <.SPX> rose 14.96 points, or 1.20 percent, to 1,260.32. The Nasdaq Composite Index <.IXIC> climbed 27.45 points, or 1.20 percent, to 2,312.30.

NYMEX-NEW YORK, July 17 (Reuters) - U.S. crude oil futures ended down for the third straight day on Thursday, dropping to the lowest level in six weeks.Trading was volatile as demand worries persisted after Wednesday's government data showed unexpectedly large increases in crude and product stocks. August crude settled down $5.31, or 3.95 percent, at $129.29 a barrel.

CBOT-SOYBEANS - August down 52 cents at $15.21. Pressured by favorable growing conditions for soybeans and the Argentine Senate's rejection of an export tax hike on soy exports. Drop in crude oil also weighs.

SOYOIL - September down 0.67 cent at 63.42 cents per lb. Spillover selling from soybeans. Crude oil falls more than $4 per barrel.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures fell to a 10-week low Thursday as selling pressure swept through several commodity markets and investors rushed to take profits amid weak demand in the physical trade. The benchmark October contract on Bursa Malaysia Derivatives ended down MYR31 at MYR3,435 a metric ton after reaching a low of MYR3,418 - levels not seen since May 8.

Regional equities-July 17 (Reuters) - Most Southeast Asian stocks edged higher on Thursday, helped by a surge in U.S. banking shares and easing crude prices. Singapore <.FTSTI> rose 1 percent and Vietnam <.VNI> gained 0.7 percent, while Malaysian stocks <.KLSE> edged up 0.2 percent despite ongoing political tensions following the arrest of a leading opponent of the government.

DJI rebound for two straight days

DJI rebound for two straight days after hit the recent low had cushioned the market downside momentum.