FCPO rebound further

After the formation of reversal sign, market rebound further and violated the immediate resistance at 3017. Thus, market may want to challenge the next resistance at 3116-3127. Support is pegged at 3000-2994 (gap left over today).

Trader's comment: CPO futures rose lifted by crude oil and soyoil prices

CPO futures rose as a rebound in overnight NYMEX crude oil more than USD 4 per barrel and firmer CBOT soy oil prices lifted BMD to stay firm above 3000.Bargain hunting activities saw benchmark Oct 08 was traded in the range of 3000 to 3054 before late short covering interest pushed prices to settle at 3050, up RM 58. Total daily volume stood at 12,067 contracts changed hands.

FKLI holding well above 1150

FKLI continue to move up and was holding well above 1150. Market may want to challenge the gap left over on 30 Jun-1 July 2008 at 1175.5-1182.5. For downside, support is remained at 1146-1155 (gap left on 29-30 July, 2008).

KLSE stayed firm

Not much changes on the immediate daily technical outlook as market holding steady above 1160 level. We continue to look for the resistance at 1174-1188. While, support at 1150-1155 (gap left over on 29-30 Jul, 2008).

FCPO rebound to cover full upside gap

Market rebound further to cover full upside gap at 3017-3045 which left over on 28-29 Jul, 2007. We look for the next resistance at 3088. Support is at 2994-3015 (gap left over this morning).

FKLI stuck in upward channel

FKLI stuck in upward channel. Prices was traded in range for the morning session. We continue to look for the resistance at 1175.5-1186 (gap left over on 30 Jun-1 Jul, 2008). While, support is at 1155-1146 (gap left over yesterday).

KLSE moving steady

KLSE was moving steady through out the morning session. We continue to look for the resistance at 1168.51-1174.96. Support is pegged at 1155.58-1149.17 (gap left over yesterday).

Breaking News-RTRS-USDA says no to early land release from reserve

WASHINGTON, July 29 (Reuters) - U.S. farmers will not be allowed to withdraw land from the Conservation Reserve without penalty as crops will be large enough to meet feed and fuel needs, Agriculture Secretary Ed Schafer said on Tuesday.

Breaking News-RTRS-Central banks fire new round at credit crisis

WASHINGTON, July 30 (Reuters) - The U.S., European, and Swiss central banks on Wednesday extended emergency lending facilities for investment banks and expanded other liquidity programs to ease credit market strains that have weighed on the global economy for nearly a year.

Trader's Highlight

DJI-NEW YORK, July 30 (Reuters) - The Dow industrials and S&P 500 rose on Wednesday as a surprising increase in private-sector employment and central bank efforts to boost liquidity in stormy financial markets offset a surge in oil prices.The Dow Jones industrial average <.DJI> shot up 186.13 points, or 1.63 percent, to 11,583.69. The Standard & Poor's 500 Index <.SPX> advanced 21.06 points, or 1.67 percent, to 1,284.26. The Nasdaq Composite Index <.IXIC> gained 10.10 points, or 0.44 percent, to 2,329.72.

NYMEX-NEW YORK, July 30 (Reuters) - U.S. crude oil futures ended up more than $4, of nearly 4 percent, on Wednesday, rallying on data showing a surprise drawdown in gasoline stocks last week. September crude settled up $4.58, or 3.75 percent, at $126.77 a barrel, trading $120.80 to $126.79.

CBOT-SOYBEANS - August up 9-3/4 cents at $13.94 per bushel,new-crop November up 14 at $14.05.Led higher by rally in corn and crude oil. November 2009 contract rallying on news USDA will not allow farmers to withdraw land from the CRP without a penalty.

SOYOIL - August up 0.43 cent at 58.26 cents per lb.Following soybeans and gains in crude oil.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended higher Wednesday, erasing intraday losses on likely rise in exports, trade participants said.The benchmark October contract on Bursa Malaysia Derivatives ended MYR23
higher at MYR2,992 per ton, off the intraday low of MYR2,909/ton.

REGIONAL EQUITIES-July 30 (Reuters) - Most Southeast Asian markets edged up on Wednesday as credit crunch fears receded and financials gained.

Malaysia's top lender Maybank jumped 4.6 percent after the central bank blocked plans to buy a controlling stake in Bank Internasional Indonesia, a purchase investors had viewed as too costly.

Global equities rose as oil hovered under $122 a barrel and as investors reassessed Merrill Lynch's $5.7 billion writedown and share sale as a possible turning point in the credit crisis.

Among gainers, Singapore <.FTSTI> rose 1.4 percent on financials, Malaysia <.KLSE> gained 0.8 percent on banks, while the Philippine index <.PSI> jumped 2.3 percent on gains in banks
and telecom firms.

DJI extended its winning streak

DJI extended its winning streak to end up with another long white candle. Near term, market looks may want to challenge the resistance at 11634-11698 and support is at 11120-11130.