12:15 pm - KLCI hits quadraple top at 1276.0

Now, it is starting to mushroom down.

11:23 am - FKLI June 08 has formed double top

If FKLI can break 1268 and closed higher, FKLI is bound higher. Else we see lower 1260 and lower today.

9:29 am - DJIA is heading higher as US revised their GDP higher !

DJIA is moving sideway until they sell down it again.

9:13 am - FKLI is holding up nicely !

FKLI has not progress downward since it has retraced to 50% retracement @ 1253.0.

Here is the deal, if crude oil is falling lower, our plantation counters wud too, so how can FKLI goes higher.

5:08 pm - FKLI need to close 1253 tomorrow to continue downtrend !

FKLI probable closed around 1259 for June contract tonite.

2:30 pm - FKLI, KLCI & DJIA are at 50% retracement.

FKLI is at 50% retracement at 1253 and well supported at this level.




DJIA is at 50% retracement at 12,429 and too well supported at this level.


KLCI is also exhibit the same 50% retracement.

If DJIA were to break below 50% i.e. goes lower at 12430, KLCI will soon to follow.

10:25 am - FCPO has reached its peak @ 3,737

At this point, FCPO look to move downward or sideway !

9:44 am - KLCI looks like a reversal but it is not yet unless we see volume !

KLCI is at 50% retracement @ 1260.0. There have been many occasions KLCI goes down to 61.8% at 1250. I believe our KLCI is heading for 61.8% and beyond.

9:08 am - FKLI June 08 contract rebound

We are looking at the June 08 contract now. There is no follow thru on the Short side ! Cash Market is raising on low volume. Think to short higher.

12:14 pm - If FKLI closed below 1262, FKLI has a bearish engulfing pattern.

In last Saturday Traders Club held in PCM, I spoke of Bearish Engulfing Pattern which is a bearish pattern for FKLI. If FKLI closed 1260, you can go short and need to carry your position overnite.

11:17 am - The usual with FKLI - Gap up and then sell down !

The range is very tight too due to the institutional rolling over their contracts. With KLCI breaking lower than 1271.0, FKLI is deemed to close lower.

10:10 am - DJIA has some room to fall further !

DJIA tonite might move sideway or down with the next support at 12,300.0

8:52 am - FKLI gap up to open 1270.5

FKLI has formed a doji yesterday and there were no follow thru. If FKLI can close above 1270, FKLI may go sideway or upward. The downtrend has temporarily stopped.

8:56 am - FKLI looks like there is no selling thru beyond 1260.0

FKLI wud move directionless as there is no indicators except from Hang Seng.

5:19 pm - FKLI daily chart does not look good !

While KLCI is holding above support @ 1271, but FKLI is selling down, making it difficult to read FKLI due to institiutional rollover.

2:33 pm - FKLI is holding up nicely. If FKLI closed above 1265.0, this is good !

12:06 am - FCPO finally broke 3700 for the 3rd time.

It is important for FCPO to hold and close above 3,703 today !

9:45 am - KLCI is likely to form a double bottom at the major support 1271

If this hold, KLCI i.e. FKLI wud rally the next few days.

9:31 am - FKLI gap down due to DJIA lower closing last Friday !

We have reduce our SHORT position. There is still weakness in our FKLI. Stay aside as this week is also ROLLOVER week for the institiutional.

8:02 am - Stocks fall as oil prices stir economic worries

NEW YORK (AP) - Wall Street ended a week of big losses with more sellingFriday as rising oil prices again raised worries that strained consumers willcut back spending and hurt the overall economy. The Dow Jones industrials fellnearly 150 points in the final session before the three-day holiday weekend. Investors are uneasy about consumers, who at the start of Memorial Dayweekend are paying gasoline prices that have gone up nearly 20 percent, or 65cents a gallon, in the past year. Wall Street's fear is that consumers, who account for more than two-thirdsof U.S. economic activity, will pare spending to make room in their budgets forgas that has topped $4 a gallon in some parts of the country. Light, sweet crude rose $1.38 to settle at $132.19 per barrel on the NewYork Mercantile Exchange. Oil saw its third weekly gain after surging to arecord $135.09 a barrel on Thursday. Some investors are buying on the beliefthat global demand from countries like China and India will outstrip supply. Aweak dollar also makes each barrel more expensive. "Crude oil is still weighing on the market and particularly because this isa traditional driving holiday," said Chris Orndorff, director of equity strategyat Payden & Rygel in Los Angeles. The concerns sent Dow down 145.99, or 1.16 percent, to 12,479.63. Broader stock indicators also declined. The Standard & Poor's 500 index fell18.42, or 1.32 percent, to 1,375.93, and the Nasdaq composite index slid 19.91,or 0.81 percent, to 2,444.67. For the week, the Dow lost 3.91 percent, suffering its worst week sinceFebruary, while the S&P 500 gave up 3.47 percent and the Nasdaq fell 3.33percent. The economic fallout from higher energy prices commanded Wall Street's focusduring the week. Stocks managed to post gains Thursday following the Dow'sbiggest two-day loss since late February. Despite the declines in the majorindexes for the week, stocks are off their mid-March lows. The Dow is still up6.3 percent from its close of 11,740.15 on March 10, when credit concernsweighed on the market. "I think while the eye of the credit storm may have passed, the tidewater isstill rising on the consumer and investors can't lose sight of that," said JackAblin, chief investment officer at Harris Private Bank in Chicago. He noted thathigher gas prices had led some vacationers to reduce how far they plan to travelfor the holiday. "It is taking a toll on the consumer and it remains to be seen how that willimpact corporate earnings." Beyond consumers, investors worried about the harm higher energy prices arehaving on businesses. The rise in oil hammered sectors such as airlines.Continental Airlines Inc. fell nearly 27 percent for the week, while UnitedAirlines parent UAL Corp. dropped nearly 46 percent. Bond prices rose Friday as investors sought the safety of government debt.The yield on the benchmark 10-year Treasury note, which moves opposite itsprice, fell to 3.85 percent from 3.92 percent late Thursday. The dollar fell, while gold prices rose. Orndorff said the spike in oil has rekindled concerns about stagflation --when stalling growth accompanies rising prices. "Given that inflation remains stubbornly high, then the Fed is going to beless accommodative going forward so we may end up a period of sluggish growth instubbornly higher inflation," he said, referring to possible interest rate cutsfrom the Federal Reserve. Minutes released this week from the last meeting ofthe central bank's rate-setting arm doused some investors' hopes thatpolicymakers will again cut rates to aid the economy when they meet at the endof June. Orndorff predicts investors will need further evidence on how the economy isfaring before they resume taking stocks back toward the highs seen last fall. "I think the market for the most part is going to be in a somewhat narrowtrading range until you get the earnings that come out in July. I think that'sgoing to be an important quarter as people see how the effects of the globaleconomy slowing are affecting the companies." A Financial Times report that brewing company InBev is readying a $46billion takeover bid for Budweiser maker Anheuser-Busch Cos. failed to shakeWall Street from its downcast mood. Often, buyout activity is fodder for a rallyin stocks as it as seen as a bullish sign for the economy. But the buyingappeared limited to the St. Louis brewer, whose shares hit an all-time high.Anheuser-Busch rose finished up $4.03, or 7.7 percent, to $56.61 after tradingas high as $58. American Axle and Manufacturing Holdings Inc. fell 81 cents, or 4.2 percent,to $18.44 after the company said that workers approved a contract including paycuts and other concessions. The vote ends a strike that lasted nearly threemonths, hurting General Motors Corp.'s production of large sport utilityvehicles and pickups. Although the contract's ratification will benefit GM, autostocks saw pressure during the week because of soaring fuel prices. GM was thesteepest decliner among the 30 stocks that comprise the Dow industrials, falling83 cents, or 4.5 percent, to $17.60. Declining issues outnumbered advancers by about 7 to 3 on the New York StockExchange, where consolidated volume came to 3.43 billion shares compared with3.85 billion shares traded Thursday. The Russell 2000 index of smaller companies fell 8.91, or 1.22 percent, to724.10. In overseas trade, Tokyo's Nikkei closed rose 0.24 percent. In Europe,London's FTSE ended down 1.53 percent, Frankfurt's DAX fell 1.79 percent andParis' CAC 40 shed 1.89 percent. The Dow Jones industrial average ended the week down 507.17, or 3.91percent, at 12,479.63. The Standard & Poor's 500 index finished down 49.42, or3.47 percent, at 1,375.93. The Nasdaq composite index ended the week down 84.18,or 3.33 percent, at 2,444.67. The Russell 2000 index finished the week down 17.07, or 2.3 percent, at724.10. The Dow Jones Wilshire 5000 Composite Index -- a free-float weighted indexthat measures 5,000 U.S. based companies -- ended Friday at 13,954.47, down469.28 points, or 3.25 percent, for the week. A year ago, the index was at15,348.10. Copyright 2008 Associated Press. All rights reserved. This material may not be

9:27 pm - Wall Street tilts to lower open ahead of data

NEW YORK (AP) - Wall Street tilted toward a lower open Friday as investorsawaited a report on existing home sales and adjusted their portfolios before thethree-day holiday weekend. The National Association of Realtors is expected to report that existinghome sales dipped in April to a record low, an indication that the housingmarket showed no signs of recovery during the spring sales season. The report isscheduled for release at 10 a.m. EDT; sales are forecast to have fallen 1.6percent to a seasonally adjusted annual rate of 4.85 million units, down from4.93 million in March, according to Thomson/IFR. Oil prices are set for a third weekly gain after surging to a record $135.09a barrel on Thursday. Investors are buying on the belief that supply can't keepup with growing global demand from countries like China and India. Crude fellback in overnight trading, but was recently up $1.76 at $132.56 a barrel inpremarket trading on the New York Mercantile Exchange. The economic fallout from higher energy prices remained Wall Street's focusthis week. Stocks rose moderately Thursday after two sessions of steep declines,with the Dow Jones industrial average recording its biggest two-day loss sincelate February. Dow futures fell 51, or 0.34 percent, to 12,565. Standard & Poor's 500 indexfutures shed 6.00, or 0.43 percent, to 1,387.20, and the Nasdaq 100 futuresdropped 6.00, or 0.31 percent, to 1,960.50. Despite the declines of more than 2 percent in the major indexes this week,stocks are off their mid-March lows. The Dow is still up 7.5 percent from itsclose of 11,740.15 on March 10. Bond prices edged higher. The yield on the benchmark 10-year Treasury note,which moves opposite its yield, fell to 3.87 percent from 3.92 percent lateThursday. The dollar was mostly higher against other major currencies, and gold wasalso higher. In corporate news, Gap Inc. reported late Thursday that first-quarter profitsurpassed Wall Street projections. The retailer said it boosted profit by 40percent by better managing inventory and cutting costs. There was also deal talk going into the holiday weekend. Halliburton Co.,the world's second-largest oilfield services company, made a $3.4 billion bid toacquire British rival Expro International Group. Yahoo Inc. late Thursday said in regulatory filing that it pushed its annualshareholders meeting to an undetermined date in late July. The move was seengiving the Internet portal more time to prepare a defense -- or negotiate a saleto Microsoft Corp. American Axle and Manufacturing Holdings Inc. might rise after the companysaid late Thursday that workers approved a new contract including pay cuts andother concessions. The vote ends a strike that lasted nearly three months,hurting General Motors Corp.'s production of large sport utility vehicles andpickup trucks. Although the contract's ratification will benefit GM, auto stockshave been under pressure this week because of soaring fuel prices. In overseas trade, Tokyo's Nikkei closed rose 0.24 percent. In Europe,London's FTSE dropped 0.90 percent, Frankfurt's DAX fell 0.57 percent and Paris'CAC 40 shed 1.10 percent. Copyright 2008 Associated Press. All rights reserved. This material may not be

5:25 pm - FKLI closed below 1280 and at 1270.0

The chart does not look good ! Exit some LONG position at 1272 for those with multiple lots.

10:48 am - FKLI has to close above 1280 today to have a convincing reversal !

If it cannot close above 1280, FKLI might move sideway or downtrend.

10:11 am - FKLI hits all short seller stop - Short seller is out of the market !

Time to go long ! Long at 1281.5/1282

9:34 am - DJIA has a small doji with low volume.

DJIA still has room to move down based on the volume. DJIA wud most probability tonite move sideway or down !

9:29 am - FKLI is ready to move up ?

Looking at today, FKLI has to break and close above 1279.5/1280 before going long.

5:40 pm - FKLI is trotting along in par with DJIA

If DJIA were to recover, our FKLI shud be turning up ! Let's see how DJIA wud fare tonite. DJIA has been down 2 days almost 380 pts down. It shud pop up tonite !

11:09 am - Dollar Falls for Third Day Against Yen as Oil Prices Surge

Dollar Falls for Third Day Against Yen as Oil Prices Surge
By Kosuke Goto and Yumi Teso
May 22 (Bloomberg) -- The dollar fell for a third day against the yen on speculation a surge in oil prices to a record will accelerate inflation while slowing economic growth in the U.S., the world's biggest oil importer.
The currency weakened to the lowest level in almost two weeks versus the yen and to a one-month low against the euro before a government report that will probably show falling U.S. house prices. The Australian dollar traded near its highest since being allowed to trade freely in 1983 as investors sought the nation's higher-yielding debt.
``The U.S. economy is vulnerable to surging oil prices,'' said Toru Umemoto, chief currency strategist in Tokyo at Barclays Capital, Britain's third-biggest lender. ``Stagflation risks in the U.S. are rising, buffeting the dollar.''
The dollar slid to 102.74 yen, the lowest level since May 12, before trading at 11:12 a.m. in Tokyo from 103.05 in New York yesterday. It also fell to $1.5801 per euro, the lowest level since April 24, before trading at $1.5791 from $1.5795. The euro fell to 162.35 yen from 162.76 yen.
The U.S. currency may weaken to $1.59 per euro and 101 yen in one month, Umemoto said.
The yen remained higher against the dollar after a Japanese government report showed export growth quickened in April. Overseas shipments, the driver of more than half of last quarter's expansion, rose 4 percent from a year earlier.
Pound, Franc
The dollar traded at $1.9733 against the British pound from $1.9732, and was at 1.0238 versus the Swiss franc from 1.0250. The Federal Reserve cut its 2008 economic growth projections to a range of 0.3 percent to 1.2 percent from its January forecast of 1.3 percent to 2 percent, according to minutes of its April meeting.
The Dollar Index traded on ICE futures in New York, which tracks the dollar against currencies of six trading partners, fell to 71.879, from 71.938 yesterday.
The Australian dollar climbed to as high as 96.54 U.S. yesterday, before trading at 96.39 cents, compared with 96.25 in New York yesterday. The Aussie has risen 9.6 percent this year, the second-biggest gainer among the 16 most-traded currencies.
A report from the Office of Federal Housing Enterprise Oversight today will show U.S. house prices fell 1.3 percent in the first quarter, according to the median forecast of 13 economists surveyed by Bloomberg.
The euro held gains after the price of crude oil increased to more than $135 a barrel and German business confidence unexpectedly rose, bolstering speculation the European Central Bank won't lower interest rates.
``As long as oil continues to go up, the ECB is going to preserve its hawkishness and is going to reduce any chance of them cutting rates,'' said Ashraf Laidi, chief currency analyst in New York at CMC Markets in a Bloomberg Television interview. ``That's why it's a direct positive for the euro.''
Fed Minutes
The dollar fell yesterday after minutes of the Fed's April meeting showed most policy makers viewed the decision to cut the benchmark interest rate to 2 percent as ``a close call,'' judging risks between weaker growth and faster inflation had become more balanced.
``Although the economy could do with some monetary help, the Fed is in a very tight bind as inflation picks up,'' said Shaun Osborne, chief currency strategist at TD Securities Inc. in Toronto.
The yield advantage of a two-year German bund over a comparable Treasury note rose to 1.72 percent, the most since April 9.
`Still Weakening'
``We'll see another leg of dollar weakness and will head toward $1.60,'' near the record low of $1.6019 per euro set on April 22, said Dustin Reid, a senior currency strategist at ABN Amro Bank NV in Chicago. ``The U.S. economy is still weakening.''
The correlation coefficient between oil prices and the euro-dollar exchange rate has been 0.95 for the past year, indicating they have moved in the same direction 95 percent of the time. The ECB has left its benchmark rate at a 6 1/2-year high of 4 percent since June and ECB President Jean-Claude Trichet said last month there is ``strong short-term upward pressure on inflation.''
Futures on the Chicago Board of Trade show traders see an 88 percent chance the Fed will keep its target rate for overnight lending between banks at 2 percent on June 25, down from a 94 percent chance one week ago. Traders also see a 21 percent chance the Fed will lift the target in September to 2.25 percent, down from a 29 percent chance a week earlier.
The euro may rise to $1.5850 against the dollar in one week, based on charts used to predict price movements, said Masashi Hashimoto, a senior currency analyst at Bank of Tokyo-Mitsubishi UFJ Ltd.
Technical Charts
The currency has held above so-called support at the 5-day and 21-day moving averages of $1.5663 and $1.5553, respectively, signaling further gains, Hashimoto said in Tokyo. Support is where buyers are expected to outweigh sellers.
The so-called resistance level of $1.5850 represents a 76.4 percent reversal of the euro's slide to a low of $1.5285 on May 8, from a record high of $1.6019 on April 22, based on a series of numbers known as the Fibonacci sequence. Resistance is a level where selling is expected to outweigh buying.
The yen gained against the Brazilian real and the South African rand, favorites of so-called carry trades, as a decline in stocks prompted investors to pare holdings of higher-yielding assets funded in the Japanese currency.
``Stocks may extend declines which translates into a stronger yen,'' said Hideki Hayashi, chief economist at Shinko Securities Co. in Tokyo. ``People are unwinding higher-yielding assets and their carry trades.''
The yen may strengthen to 102 per dollar this month, Hayashi said.
Carry Trades
The yen strengthened to 62.0165 against the Brazilian real, compared with 62.1795 yesterday in New York. It rose to 13.29973 per rand from 13.3239, as investors trimmed carry trades, in which they get funds in a nation with low rates and invest where returns are higher. The risk is currency swings erase profits.
One-month implied volatility for dollar-yen options rose to 12.7 percent today from 12.45 percent. Japan's 0.5 percent target lending rate compares with 11.75 percent in Brazil and 11.5 percent in South Africa. The MSCI Asia Pacific Index fell 0.8 percent today.

10:17 am - FKLI is just moving sideway as cash market has recovered back !

9:10 am - FKLI next level of support at 1260-1266

FKLI were to go down, look to buy at 1260-1266.0. Crude oil is up almost USD4 at all time high USD134, our plantation stocks wud hold up nicely.

9:05 am - FKLI finally gap down after DJIA -1.77% drop

FKLI put a strong fight yesterday and the rest of the regional market too. FKLI finally has to follow the DJIA. It is difficult to trade FKLI now.

4:59 pm - FKLI is well support at 1282/1284.0

If DJIA closed with a Doji tonite, we wud see support for FKLI at 1284.0. At this point, the FKLI market is uncertain.

10:33 am - FKLI is strong to reverse from 1284.0 support

Look like our FKLI is very choppy today ! Support at 1284/1282 cannot be broken. FKLI market will hover around 1282-1288 and move sideway.

9:50 am - FKLI has tested low of yesterday and resistance of 1284.0

As FKLI is heading lower low. Think of short ! For intraday, go SHORT at 1284.0 and put your stop at today high 1289.5.0

9:21 am - Like I said yesterday ! DJIA tend to fall when formed double top !

We saw heavy volume coming last nite. DJIA may fall for one more day. Let's see how DJIA fare tonite.

9:10 am - FKLI is strong in the face of DJIA -2.0% loss

Our FKLI gap down less than 7 pts. This means the FKLI market wud need convincing volume to break 1284 support today else FKLI wud test 1295 resistance level.

FKLI is trading at 6 pts premium.

5:31 pm - Short covering at 4 pm push FKLI higher !

DJIA futures is down -49%. DJIA has a double top. If FKLI gap up, think to short !

2:35 pm - FKLI selldown to 1286.0

Think of going short ! But higher too.

12:39 noon _ FKLI is selling down now !

ALl of our LONG position is out ! The Mahathir Factor has been priced into the futures and ppl are hedging the market.

10:10 am - DJIA is forming a double top with doji.

I believe DJIA will close lower tonite after moving uptrend for 4-5 bars.

10:02 am - FKLI selldown this morning to washout the LONG position

We got some of our position out but most of them are still in. Stop at 1284.0

3:55 pm - U.S. Stocks Rise to Highest Since January; Intel, Peabody Gain

By Elizabeth Stanton
May 17 (Bloomberg) -- U.S. stocks rose this week, sending the Standard & Poor's 500 Index to the highest level since January, on speculation global economic growth will drive demand for personal computers and fuel.
Intel Corp. led semiconductor companies in the S&P 500 to a 2008 peak on a Friedman Billings Ramsey & Co. report that orders are improving. Peabody Energy Corp. joined 19 other S&P 500 fuel producers in reaching 52-week highs as crude oil surpassed $127 a barrel for the first time. Most stocks declined yesterday after consumer confidence dropped to a 28-year low.
The S&P 500 climbed 2.7 percent this week to 1,425.35, the highest since Jan. 3. The Dow Jones Industrial Average rose 1.9 percent to 12,986.80. The Nasdaq Composite Index added 3.4 percent to 2,528.85. The Russell 2000 Index of small-cap stocks advanced 2.9 percent to 741.17.
``We seem to have experienced a mid-cycle slowdown, not a hard landing,'' said David Goerz, the San Francisco-based chief investment officer at Highmark Capital Management, which oversees $22 billion. ``If you don't have an economic slowdown, technology should work well.''
The S&P 500 extended its rebound from a 19-month low in March to 12 percent. The recovery followed seven interest-rate cuts by the Federal Reserve, which also extended a record $14.4 billion in direct loans to commercial banks to facilitate lending. The worst housing slump in a generation hurt the value of mortgage-related investments, depleting banks' capital.
88% Profit Slump
Financial companies in the S&P 500 reported an 88 percent decline in first-quarter earnings, according to Bloomberg data. Excluding banks, brokerages and real-estate firms, average earnings rose 8.3 percent for the S&P 500, based on reports by 353 companies since April 7.
Companies scheduled to report first-quarter results next week include Hewlett-Packard Co., which suffered the biggest decline among the 30 companies in the Dow average this week after agreeing to buy Electronic Data Systems Corp. for $13.2 billion.
Other companies slated to release results include Home Depot Inc., Campbell Soup Co., Medtronic Inc. and Target Corp.
Hewlett-Packard, the biggest personal-computer maker, fell 3.8 percent to $47.29 on concern the price-tag for EDS is too high. EDS, the second-largest computer-services provider after International Business Machines Corp., rose 29 percent to $24.33 for the biggest gain in the S&P 500.
Intel, the world's largest chipmaker, rose 7 percent to $25. Friedman Billings Ramsey analyst Craig Berger in a May 15 report said semiconductor companies will benefit from improving global demand for personal computers.
China Earthquake
Peabody Energy, the largest U.S. coal producer, jumped 15 percent to a record $78.83. Coal companies in S&P indexes rose to a record after China, the world's largest producer, temporarily closed mines following the nation's most powerful earthquake since 1950.
Crude oil rose to a record $127.82 a barrel in New York. That sent energy companies including Chevron Corp., ConocoPhillips, Occidental Petroleum Corp. and Halliburton Co. to all-time highs.
Alcoa Inc. had the biggest gain in the Dow average, rising 11 percent to $43.15. The world's third-largest aluminum producer is a possible acquisition target as Rio Tinto Group and Brazil's Cia. Vale do Rio Doce each potentially seek $50 billion takeovers, Ernst & Young LLC said.
Clear Channel Communications Inc. climbed 16 percent to $34.84. The largest U.S. radio broadcaster agreed to a buyout at a reduced price after the private-equity buyers and banks financing the deal reached a legal settlement. Citigroup Inc. and five other banks became unwilling to finance last year's higher offer amid declines in radio advertising sales and investor appetite for loans.
Icahn Threatens Fight
Yahoo! Inc. rose 6.7 percent to $27.66. Billionaire investor Carl Icahn threatened the second-most-popular Internet search engine with a proxy battle for control of its board. He is urging Yahoo to resume takeover talks with Microsoft Corp., the world's largest software maker, which had offered $47.5 billion.
Ambac Financial Group Inc. retreated 12 percent to $3.85 for the steepest drop in the S&P 500. The second-largest U.S. bond insurer had ``meaningfully'' higher losses on home-equity loans and collateralized debt obligations than anticipated, raising concern about its Aaa status, Moody's Investors Service said.
Whole Foods Market Inc. tumbled 11 percent to $29.06 for the second-biggest decline in the S&P 500 and its biggest drop since November 2006. The largest U.S. natural-foods grocer said second-quarter profit fell more than analysts estimated and sales growth slowed.
Options Drop
The Russell 2000 Index of companies whose median market value is 95 percent smaller than the S&P 500's rose 2.9 percent to 741.17. The Chicago Board Options Exchange Volatility Index, the benchmark for U.S. options prices, declined 15 percent to 16.47. The so-called VIX, which gauges the cost of insuring against stock-price losses, closed at the lowest level since Oct. 9, the day the S&P 500 peaked, on May 15.
Treasury securities fell as rising stock prices curbed demand for fixed-rate investments. The two-year note's yield, which moves inversely to its price, climbed to 2.44 percent from 2.24 percent.
The index of U.S. leading indicators was probably unchanged in April, signaling a prolonged stagnation in growth, economists said before a May 19 report. The Fed is scheduled to release on May 21 the minutes of its most recent interest-rate meeting, when its target for the overnight lending rate between banks was lowered to 2 percent from 2.25 percent.
To contact the reporter on this story: Elizabeth Stanton in New York at estanton@bloomberg.net. Last Updated: May 17, 2008 08:00 EDT

5:02 pm - As usual, intraday traders take profit ahead of the long weekend

Our market is close for Monday for Wesak Day, 19 May, 2008. So everyone want to square off their position. KLCI closed above 1300.67 +6.52 pm .

Maintain LONG position.

2:38 pm - FKLI trying to break higher !

However, the volume is not there today !

9:42 am - FKLI is poised for a breakout today !

However, the volume is not convincing yet !

9:19 am - DJIA is moving upward and well supported !

After 3-4 days of upbar, I wud see a doji tonite or a down-bar as it will be testing 13,060 again.

9:06 am - FKLI is "Pushing thru the Supply"

If FKLI cannot fall below today low 1299.5, it will try to hit 1316.5 today !

5:06 pm - FKLI selldown in the afternoon to wash out the LONG position before going higher !

Our LONG position is still intact !

10:31 am - FKLI gone LONG !

Our LONG position is in place !

9:36 am - DJIA is set to move higher !

Based on my yesterday weblog, I said 12,700 is a support base and will test 13,000 again this week.

9:17 am - FKLI is ready to cross up !

Be ready to go LONG ! FKLI is testing yesterday high @ 1298.5

9:14 am - KLCI is still moving sideway and ready to move higher ??

The regional markets are bullish !

7:35 pm - FKLI may test 1301.5 tomorrow if DJIA closed higher tonite.

Else we may see lower FKLI tomorrow.