The Bear Dance

I am no joy-killer. I do not want to be one. Ever. But signs are the bears are here. They are fox-trotting to the sway of the sub-prime melody. Sub-prime is the top of the pops for more than three weeks now on the world charts from New York to Seoul. Just this morning, it started to move up the charts again after sliding for the last three days because of the new numbers played by the central banks.

One more provider, Aegis Mortgage has filed for bankruptcy and an investor bank is involved as well. From 100 points up, Dow sank to red territory. Asian markets follow suit this morning.

Bursar was happily moving up this morning in a verdant green landscape but by lunch break it has lost 6.2 points bringing the index down further to 1290.24. Morning trade was thin at 383 million shares worth RM1.29 billion ringgits. Losers outran gainers almost 2:1, that is 421 to 274. Gainers were MIDF which added 40 sen and BAT which climbed 25 sen. No big deal for BAT. MPI gained 25 sen as well and MBSB; out of blues came in with a 20 sen gain. Highly suspicious!

Portfolio stocks came in mixed. Genting added a miserable 5 sen to RM7.55. Good support noted. BJ Sports Toto climbed 2 sen while Resorts lost two sen. RCE and JAKS both dropped 1.5 sen each while Welli dropped a sen to RM1.17. Metronic was at its overnight level of 18 .5 sen.

Any hopes for a better afternoon session? By a long shot..........

I still hear the bear swaying to their favourite rhumba,"Sub-Prime Blues got Aegis".

Heartsong