SONG SUNG BLUE

Neil Diamond 1970's hit song encapsulate the spirit of this morning opening. Yes, it tried to run in the morning rush but by 9.20 most counters started sliding down. It must consolidate before it can move up. The double dip on Friday and Tuesday was catastrophic, to say the least. I think many punters lost their trousers and are licking their wounds. They would not be in the market at least for sometime until they develop Dutch courage again.

So, today will be a true blue day. Only fundamentalist driven players will be browsing the counters and picking as they come across some new nugget of re-rated stock.

At 10 am, index was 10 points up at 1349. Losers trailed gainers 99 to 575. Volume was 308 million shares worth 1.43 billion ringgits. Gainers were DIGI, up 60 sen, RHBCap moving up by 40 sen and Commerce and Bursa tacking on 20 sen each. Losers included Etitech which lost RM1.56 and BAT which gave up a ringgit. DFZ lost 29 sen and Tanjong; dropped 30 sen.

Now, looking at the shadow portfolio, we see tired stocks. No stamina. Ran up the hill but now resting a few shades higher. Popular JAKS got out of the box and headed for the hills touching 98.5 sen. Like Aesop's hare, it then snoozed comfortably at 94.5 sen. There were some huge blocks (1000-3000 lots) buying at the 96-97 sen band. Should move up once consolidation completes.

Genting added 15 sen to RM8.00 and Resorts was at RM4.14. BJ Toto added 6 sen to RM5.00 while RCE moved up 2 sen to 97 sen. Welli up 2 sen as well. Metronic tacked on half a sen to 22 sen

All shares trade off best at this hour.

Let us see how they will fare at the 11.00 witching hour.

Heartsong