The market's firm because the U.S. producer price index on Friday wasn't too bad and there is continuing buying from overseas. The index should consolidate at current levels, however, although selling pressure won't be too strong.
There's a lot of competition in the banking sector and the bank's recovery is quite slow so I'm not too bullish on this stock.
The market's a bit higher on China Telecom again because investors are quite bullish on the acquisition but I doubt the market will continue to rise because many people are sidelined, awaiting the FOMC decision.
The market is following the Nasdaq and the Dow Jones higher but there is a lack of buying momentum so it might fall back later in the day.
Japan is closed today so the market is taking the U.S. as a reference. But there's not much activity because investors are taking a wait-and-see strategy ahead of Greenspan's speech.
When buying momentum starts to fall off the market starts to correct and I think we'll have a mild correction today.
The big blue chips like China Telecom and Hutchison have been oversold in the past few days so they're attracting bargain hunting.
Investors are very cautious about PCCW, they want more news on Telstra. But I think the stock will hold at current levels for the time being.
Today is the last day of the first half so I think window dressing by fund managers wanting to make their portfolios look good will keep the index above 16,000.
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