Count down last FOMC for Y2015

Count down, the last FOMC for Y2015.  Will US raise their interest rate? 

Base on psychology approach (as I kept mentioning over the past few months), recent ECB approached on their QE, Japan........there is a high chance that FED will announce their plan and timeframe on their first rate hike since 2009.  When this happen, how will market respond?

As I mentioned on 11-Dec (http://achua138.blogspot.sg/2015/11/once-again-taiwan-market-took-lead.html) once again Taiwan took the lead.  Repeat what happened in Apr'15 - gap up, gap up then followed by a black candle and then trend started to turn.  Weeks later, we saw other ASIA markets followed - STI, SETI, Hang Seng...........  Except for Nikkei and China. 

Japan is printing money, therefore she is able to hold up.  However, last Thursday, we saw Nikkei broke its higher low and Friday with a retest.  So watch out, it could retest and go.  For Nikkei to continue its up trend, it needs to trade above 19500. 

 

China government kept trimming their interest rate in order to boost its economic/GDP.  After the big dropped in Jun and Aug'15, China SSE was able to trade inside s sideway range even though how much other ASIA market has drilled.  How long can it hold?  Same as usually I like to look at their Future China A50 before I look at SSE.  A50, same as SSE - sideway.  Sideway range support 9800 and its major support at 8377.

Last 2 weeks, we saw Europe market followed.  DAX, FTSE and CAC.  Breaking their higher low.  Example of CAC, from the chart I see fear. 

What about the US?  Yesterday, we have some experts guru said that "forget about the bear, we are still in the bull......short seller will find themselves scrambling for their lives........."  Well......???  On big picture, yes 2the US market is still on bull but it is very fragile.  Look at the chart of DOW, S&P and NASDAQ.  They have double top and last Friday, it closed at its first importance support level.

Volatile is back.  Market shake each time when it come to the decision (FED) of rate hike.  Raising of interest rate is non-favourable to ASIA and emerging markets as fund will flow back to US.  Artificial everywhere.  温水煮青蛙 next crisis surface is going to be worst than what we saw in Y2008/Y2009.  Today market is mend for trade.  Learn to short the market instead of just long/buy. 

Taiwan took the lead and now.........

China Shanghai index broke the short term upside by breaking the inclined parallel line.  Its future China A50 broke the inclined parallel lines on the same day.  Watch for supports for the time mean.  What if it continue to broke one support after the other?  For SSE 2850 is a major, strong and important support.  China A50 is at 8377.

Hang Seng filled gap and currently is at the important support level. 

What about STI?  This market is definitely on down trend. 

 Important ASIA indices, beside Japan Nikkei, most of the markets are in bad shape.  Next 3 months, we are going to see some interesting move not only from the ASIA.  Enjoy. 

Once again Taiwan market took the lead

Taiwan Future repeated what happened on April - gap up, gap up then followed by a black candle and then trend started to turn.  Yesterday, it broke disagreeing trend.  Today it broke higher low and closed inside the major trend line. 

Taiwan index, same as Future except it has not closed below the major trend line.  It is challenging this major trend line.  Confirmation, look out over next two days. 

 

Christmas rally?

Some said it is time to buy....some said long term down trend and short up trend.......some said correction is over don't miss this opportunity........Christmas rally..........Singapore property has already bottom.........

In general, markets came down between 16% to 44%.  Not surprising, mature markets came down lesser than the emerging market.  Difference on the down side in term of percent, happen not only today, ten, twenty years back was this way, 10 years from now will still the same.  http://achua138.blogspot.sg/2015/08/why-asia-market-tumbled.html

As I said - first time in history, bull charge for more than 5 years.  He was tired and the mama bear took the opportunity to pound on him.  Nevertheless, the bull still has the last breath and he will fight back.  And that was what we were seeing over the past few weeks.  How far can he goes? 

I mentioned that - with politician involvement, the market is not easy to foresee and predict.  Past one to two months, I saw lots of retail investors/traders chose to stay out.  We saw market went down and the up like coasters.  Experts said that it was because of the US, FED will not raise their interest rate in October, in Y2015.  Why?  Because of the poor monthly data numbers.....

Those were only an excuses and 骗人的借口.  The person who really moved the current going around were the fund, institution.......Lousy PMI numbers, lousy non-farm numbers........if someone is going to tell me those numbers are great as it means that interest rate is not going to raise.  You know what I am going to ask him/her?  Continue to have those poor numbers for 3 months, then you continue to tell me oh good........  Common sense tells us whether those lousy numbers are from the US, Europe, China.....or anywhere, what does that means?  Something wrong is with their economic, isn't it.  Then what the expert going to say next?  Oh another QE?  You will come to a day where people is going to be sick of that QE.

First time in history, country after country are printing money.  Interest rate close to zero.  The next crisis going to come, won't be that easy as what we think.  Now, those people who save their money inside the bank is stupid, right?  Why?  Because of depreciation, inflation........  Inflation really at 0.1%, 0% -0.1%.......you better know how this number was calculated.  Your daily expense, a plate of chicken or a can of baby milk powder, how much it cost in 5 to 10 years back compare to now?

Concern and worry about China economic growth.  That's only one part of the story.  As I said knowing and respect the big brother.  Janet Yellen knows the consequence of raising interest rate when everyone is printing money.  What she was doing was to buy time and doing something which called psychology approach.

Today market is mend for trade.  You will continue to see the coaster ride.  Whether the bull will bring us to another peak or papa bear will pound on him before he exited the peak, I know only one thing, the market is at current situation - refer to the chart.  The Y2007 scenario. 

As for Singapore property bottoming up, is time to buy?  Refer to my past posted - http://achua138.blogspot.sg/2015/08/singapore-property-market-really-bottom.html.  You are going to see housing rental, office rental, industry rental coming down, private property................http://achua138.blogspot.sg/2014/01/hdb-resales-price-falls-for-first-time.html.

Careful on Taiwan Future - an exhausted gap has just took place

How fast and far interest rate moves is more important than the first raised

Another no outcome FOMC.  Like what I said - Janet Yellen knows the consequence of raising interest rate when everyone is printing money.

Is really no good when we have too much of "The boy who cried for the wolf"  Interest rate definitely needs to raise.  What Janet did now was to buy time.  Timing of raising the interest is one thing.  Most important is how fast and how far the interest rate moves after the first raised.

Traders and investors, we just need to be on guard and trade what you see.


************************  CONTINUE WRITING - PART 2   ***************************

I did some researched on the weekend.  Instead of opening a new file, I decided to continue writing it inside this "How fast and far interest rate moves is more important than the first raised".

As I mentioned, Janet knows the consequence of raising the interest rate.  She not only buy time but she was doing something which I called "psychology game/approach". 

When Yellen announced FED is not going to increase the interest rate, US market gone up higher.  However, an hour later before closing, the indices slide down with an approximate angle of 75 degree.  Next day (last Friday), Europe and the US continued to fall.  Europe 3 major indices came down around 1.4 to 3%.  US declined with an average of 1.45%. 

Past one months, global market falls because of fear.  Fear on US may raise the interest on September.  But last 2 days, market fall was because of uncertainty. 

Investors, traders, fund.........hate uncertainty.  Watch how global market react over the next few days/weeks.  If market continues to fall, this is where the so called psychology approach comes in.  At that time, when US starts to raise their interest rate, even there is an impact on the equities market, it won't be that great.  And don't be surprise, market may welcome the approached as a clear signal that people has been waiting for has finally surface.

Next question is - how fast and how far the interest moves after the first raised.  The is very important as it is going to affect not only the equity market but also the future and property market.......  

Nightmare week for the ASIA market

This week for ASIA market, it was really a nightmare.  It rolled down fast and far.  Interest rate has already given them so much pressure, and with the additional of RMB devalued, the fear and selling pressure went high.  Regardless, retail or fund, everyone threw their towel.

Let me pull out a few charts to show you the fear that caused the fast and far downside to these indices.

STI:-

Another one : Taiwan Future

Look at the those colourful wave, how wide it was.  It showed you the fear from those investors.  How fast it came down.  Worst, morning opened with a gap down and afternoon closed lower. 

So far, STI has came down 17%, Taiwan 22%, Hang Seng also 22%......  Last week, Nikkei was still on the upside, but this week it dropped 8.8% .  What about China?  Once again, experts said that China lead the whole ASIA markets, scrolled down from the hill.  9-July, SSE has dropped 35% (3373) from its high (5178).  Then it rebounded to 4200.  Following weeks it travelled between the range of 3500 to 4000.  Today it closed at 3509. 

China devalued it RMB worried especially countries in the AISA.  To China, devalued RMB was to raised up their export competitively.  But to other countries, it was a different story.  So to stay competitive, we saw other ASIA countries devalued their currencies as well.  Plus the worry of US raising their interest rate, the impact on the ASIA markets was like two macho pounding on a person left and right shoulder at the same time. 

Now let us look at the Europe market.  Let's look at the Europe big brother DAX.  So far, they had came down 17%.  What about our big brother, US?  Let's look at DOW.  DOW has been travelling sideway for the past six months.  Last week, it broke the sideway range.  Till yesterday it has came down 7.4%.

End of next week till the week after next, there are couples of important reports and event going on.  China PMI, US PMI, Non-Farm.........and Jackson Hole.  Watch closely and trade on what you see and not what you think.  Remember today market is mend for trade.

Base on TA:-
From the chart, I see fear.  Base on the downside, currently mama bear is pounding on the bull.  But far it can go?  Most of the ASIA market has dropped more than 20%.  Base on FIBO pull plus supported level, the mama may get tire at around 30% downside.  The bull may take this opportunity to fight back.  Can the bull win the battle?  It will depend on whether the papa bear is still sleeping or awake.

Base on fundamental / economic:-
It is common for politician to step in as to save its market, currency........  However, he/she should knows when to step in and when to take a step back.  As too much involvement will cause the market to go haywire, confusion and disorder.  This is what happen to the current market.  First time in history the bull charge for more than five years.  He may still have the last breath to fight, however he is really tire right now.

What to watch out:-
As mentioned above - China PMI, US PMI, Non-Farm.......and Jackson Hole.  On top of that, I realized that most of the people is really for the increase on US interest rate.  The question now is 0.25%, 0.5%, 1% or...........  As I had said Fed chairman Janet Yellen knows the consequence, she should be smart enough to go around with the number. 

Continue to monitor how the market goes and react to those monthly reports and news.  Example if good news and market continue to fall, this is something that you should be watch out for.  Once again, today market is mend for trend. 

Singapore property market really bottom up?

On 1-September 2013, I mentioned to watch out for the Singapore property market.  The price will come down.  Both on the resale and new private property.  On top of that the rental as well.  http://achua138.blogspot.sg/2013/09/property.html

We saw that in early 2014.  Till date, say the resale HDB flat, in general it has came down around 15% to 18%. 

Past three months, we saw lot of so called property experts came out to say that it is time to buy houses now as it has bottom up.  People spent money to attend seminar which conducted by those experts as to listen ad seek to their view.

I won't listen to all these so called experts.  As I understand who and where they came from.  My view on Singapore property market is in fact it has not even reach the bottom yet.  There are still rooms for the price to go down.  Why I said that?  Simple.  Interest rate has not gone up yet.  Global stock market has not really tumble. 

I saw developers eagerly lunching and trying to sell their unit.  Hong Kong property guru Li Ka-Shing was selling his property shares.  So what was the indicator?  Watch out not only on the Singapore property market but also Hong Kong, Beijing........

Why ASIA market tumbled?

When Shanghai index crossed 4300, I declared that the SSE wave 1 bull charge has completed.  And it is time for correction.  However, the bull continued to charge all the way to 5000 point.  During that period, I kept warning everyone "do not chase after it", "look at how steep the inclined angle is", "how it went up how it will come down" and "when market tells you to sell, you better sell".  http://achua138.blogspot.sg/2015/06/second-half-shanghai-market.html

Finally, SSE tumbled on mid June.  I studied China economic and politic, TA and fundamental, and politic and I posted this on 3-July - SSE probably need a 30% correction.  http://achua138.blogspot.sg/2015/07/china-market-and-greece.html  15-June to 9-July, SSE came down from 5176 to 3373, a 35% correction. 

All these, you can called it how predictable...., how I foresee all......or magical numbers, infact they are nothing special.  I studied past history, how market moved on mature and non-mature markets.  Human greed and fear, how fund manager invests, how professional invest/trade, how retail investors/traders invest/trade....... Then I linked that to the current market situation, and from there I got the answered.  I always remind myself, never listen to others, no matter who he/she is.  Do my own research and analysis.      

As I said second half market is going to be volatile, how much and how far China market can goes, depend on this correction.    http://achua138.blogspot.sg/2015/07/knowing-who-and-respect-he-big-brother.html

Last 2 weeks, 95% of the ASIA market indices tumbled.  A lot of the so called economic experts claimed that it was because of the China market.  Was that true?  To me, no.  If it was true, China market started to plunge on 15-June, why didn't they follow. 

As I posted on 12-July http://achua138.blogspot.sg/2015/07/knowing-who-and-respect-he-big-brother.html  Knowing who is big brother and pay respect to him.  Yes, US market.  And yes, interest rate.  Then you may ask interest rate has not increase and US market did not tumble?  This is different between the mature and non-mature market.  Remember someday in end of August 2013, how numbers of ASIA markets and their currencies tumbled that related to the QE unwinding?  http://achua138.blogspot.sg/2013/08/recap-on-what-happen-in-asia.html

Too much of "The boy who cried for the wolf" is no good for USD.  Fed will definitely raise the interest rate.  Is all now about timing and how Fed managed so that it has minimum impact to the market.  Therefore, I will be watching very closely on how and what Fed does before the actual raising of interest rate take place.  And also how market react and respond before the physical announcement / actual rate rise take place too.   

Knowing who and respect he big brother

SSE came down strongly 35% and bound back up to 23% from the it top.  That was what I also means by how it went up, how it come down.  A steep up side and a steep down side that took place on China market.  Political involvement, non-mature investors.........all lead to the fast track roller coaster ride on the China market. 

Almost half of the stocks are freeze from trading.  Those who hold more than 5% of the company shares are not allow to sell their stock over the next 6 months.  The new rules took effect.  It stopped the indices from falling?  So is China market really to go for another bull charge?

I prefer China market to have some consolidation over here instead of another steep up side.  Why?   http://achua138.blogspot.sg/2015/06/second-half-shanghai-market.html  At the same time, look up when and how the freeze counters are release.....and the 5% share holders are able to..........

Greece referendum, 61% of the voters voted "No".  They rejected the creditor proposal debt settlement plan.  But now, Greece PM Alexis Tsipias seems to accept the creditors pension plan........and now they asked for €53.5bn from the creditors.  Things are not going to be easy.  EU is not about German.  It have France, Finland............ The referendum, then the result of "No" and now accepted most of the creditors proposal plan with additional counter proposal plan and asking for a higher third bailout........it is not so simple about promised, it is about "trust".  What will happen if....and what will happen if.......  Most of the people is looking at the positive side.  But as a trader, I should be on guard.  Everything goes smooth, market will go up.  But if things go wrong especially Greece is force to exit euro zone, market will react. 

Knowing who and respect the big brother.  Yes, the US.  Federal Reserve chairwoman Janet Yellen has repeated her view on Friday that the central bank is likely to start raising interest rates this year.  I will be monitoring this carefully.  How and what Fed does before the announcement of rate increase take place.  And how the market respond before physical announcement / actual rate rise.  Take note on this - this year the Asia and Europe markets have gone into a correction but the US yet. 

China market and Greece

Despite political involvement, central banking cutting the lending interest rate and lowering reserve ratio, China market just continue to plunge.  If I look at the SSE and A50 charting, it shows "fear". 

China is a non-mature market.  They are more retail investors/traders than the institution investors/traders.  That is the problem.  The greed of this retail investors/traders pushed the market up by 160% in 14 months time.  These two numbers were absolutely not acceptable.  Look at the China economic numbers, example of their GDP.  They just couldn't fix in on one and the other. 

Balancing all these plus what the charting is telling, SSE and A50 probably need a 30% correction.  Trade what I see.  Look for signal when it come close to this level.

Greece is a sideline player inside the Euro zone.  However, this player can become the key player inside the main show. 

The people of Greece vote and select their own government.  They expect this government to do something for them.  Greece borrowed money from IMF........  To receive the fund, Greece government needs to compromise some of their country policies.  If we look deeper, in fact certain percentage of this fund is just like left pocket in, right pocket out to origin.  Nevertheless, if Greece does not receive this fund from the creditor, what happen is bank, pensions fund........as what we are seeing right now. 

Greece PM Alexis Tsipias declared a referendum on 5-Jul to decide whether to accept or reject the creditor proposal debt settlement plan.  Tons of EU members and others described PM Alex Tsipias move as "gamble".

Let us look at Iceland.  Years back Iceland encountered similar problem.  The Iceland government wrote off their external debts through a call for referendum.  This external debts then featured as public debt instruments and sold it to British and Dutch banks and the respective public who were tempted by the high interest rate. 

Is Greece trying to apply what Iceland did?  Greece's main creditor is German bank.  The bigger concern over here is - if Greece will to leave the Euro zone upon debt default, others may follow as and when they are unable to repay their debt.  By then, people may lost confident on EU and the EURO may become historical.

Let's see how things go over this Sunday.  On guard and monitor the situation. 

China market - as long as nothing goes wrong, this is a positive correction

As what I keep saying - Shanghai market, first half bull charge had completed.  What next is it is going to be volatile, and it needs a proper correction.  We saw that over the past few days.  And today it has the heaviest fall of -7.4%   Till date, SSE has corrected -20%.

What about China A50 Future?  So far, it has dropped 21.2%.  So what's next?  Minimum correction of 20% is what I am looking at.  As long as nothing goes wrong, this is a positive correction.  Prepare for the second half bull charge.  How long this second half will last?  Depend on steep the slope is.  Whether is a gentle 30 degree slope of 75 degree slope.  The steeper is it the faster it end.  Refer to the below 2 chart.

Having said that, watch out what is happening on Greece as well.   

Interest rate

Remember the statement I used to describe US Fed chairman Janet Yellen against interest rate?  If no, here it is "US Fed chairman Janet Yellen knows the consequence of raising interest rate." 

She knows that.  Yellen saw how market reacted when Fed stopped QE1 and QE2.  But this time when QE3 ended, things were fine.  Why?  Because someone took over the baton.  Japan, Europe....... started printing money when US QE3 ended.  So why is there a hurry for the US to raise their interest rate since everyone is printing money.  Having said that, rate increase is a matter of time.  The challenge is how to minimize the impact.

Early May, Janet Yellen warned that the US stock valuation were too high.  Few weeks later, she insisted the economic remains on track and the rate rise this year is on the cards.  What was she trying to do?  Yes, the "impact". 

Today we have IMF, warning the U.S. Federal Reserve should delay the rate hike until the first half of 2016 until there are signs of a pickup in wages and inflation. 

Fund manager, analysis......and so called experts had been predicting the raise of interest will kick off in somewhere second half 2014 to this year Q1, Q2 and now they said should be in Q3, Q4.......... Is predicting so important? 

Today market is mend for trade.  If you still thinking of invest buy and hold for 3 to 5 years.........well think twice.  I won't do that.  I know the day of rate rise will come.  But the actual timing I won't know, nobody knows.  So I trade what I see. 

The day will comes and I know the consequence.  I am watching what Fed has done before the announcement of rate increase take place.  And how the market respond before physical announcement / actual rate rise.  Just like gold and USD.  They were like 2 persons sitting at each end of the see-saw.  Gold weaken, USD strengthen.  Gold strength, USD weaken.  Knows the rules and join the game.  Enjoy the shows, enjoy ride and very important knowing when to get out.    

Second half Shanghai market

As usual, before I look at Shanghai market, I will analyst the China A50 Future.  Now, let's look at what happened to A50.  Yesterday, the whole day range for A50 was 1270 points.  Volatile is word that I will described about the A50 or Shanghai market.

As I said the first half bull charge has completed.  Second half market tends to be volatile and this is where your skill comes in.  For SSE to go through a longer bull run like Nikkei, it needs a proper correction.  If it don't, look at what can happen - below chart (the 2 arrows that I drew).  Look at how steep the angle was.  Remember this - how it went up, how it will comes down.

A lot of experts said that SSE can go higher.  Of course, you can take the ride but make sure you don't get trap.  History showed that numerous retail investors got trap in the second half market.  Trade what you see.  When market tells you to sell, you better sell.  No "GREED".   And also make sure you don't buy at high. 

STI fall below psychology level

STI fall below 200MA and its 2014 YEC.  The fund managers and psychology level.  Past one year whenever it fall below 200MA, buyers came in.  Are we going to see that again? Trade what I see.  I will be watching to see any signal at level.  I will be watching this Friday US non-farm payroll and Greece deadline coincides.  China market has not go into a correction yet.  Same goes to the US market.  It was still struggling between its range. 

Quarterly review

This has not change - whenever US market reached a new height, selling pressure comes in.  The recent new height which DOW took place was on 2-Mar.  After that, it struggled between the range of 17600 to 18200.  This month we saw a much lower non-farm number whether is comparing to the previous month/year or forecast.  We saw improvement on US economic is not as what analysts forecasted/expected. 

The struggling allowed the ASIA market to do a catch up game.  As you can see Shanghai, Hang Seng, STI .... broke their 6~7 years high.  Shanghai index has reached 4300.  It has gone up 2x as compare with their old 2000 point psychology level.  In other word, wave 2 or so called first half bull charged has completed.  It is time for the Shanghai index to go into a correction.  In fact, world indices needs a correction. 

Shanghai and Hong Kong connection definitely benefit Hang Seng too.  As we saw how the fund moved from one side to the other.  Recent rumour about Shanghai and Singapore connection pushed the price of SGX from 6.7 to 8.6  However, when the news broke out on 15-Apr that connection has yet to confirm, SGX dropped from 8.66 to 8.25  I believe they are going to have a good coming quarterly report. 

Interest rate will definitely go up, is a matter of time.  US was not raising their interest rate because other countries/region like Europe, Japan.....are printing money.

My researched on this year world indices movement has no change.  Stick to what I wrote on 27-Dec'14 - http://achua138.blogspot.sg/2014/12/y2015-is-going-to-be-volatile.html  I am waiting to see world major indices to come in line.  Then they continue to charge up with more retail investors joining the game. 
 

Today Hang Seng up 3.8%

Just as what I mentioned somewhere end last year, once SSE reached the 75% to 100% psychology level, the fund will starts to move from one end to the other.  Here you are, today Hang Seng went up 3.8% and it come close to its first gate resistant 26390.  Second gate is 28400.  Final gate of course is Y2007 peak 31958.  Short term trader, trade with care.  Can be volatile. 

NADSAQ pull back ended?

We did not see the island top but it has a divergence and therefore we saw a continuously 4 days pull back on NASDAQ.  It came down and touched the first support 4840.  Then we saw a turn around candle on last Friday.   Could this be the end the pull back?

I prefer not.  I prefer it goes into correction.  Nevertheless, if this end the pull back and NASDAQ continues to go higher to test 5130, I will be on guard, watching the price action together with signal as a Opera House has formed, a correction may take place if thing went wrong.

DOW, same as NASDAQ - divergence with a continuously 4 days pull back and a turn around candle on Friday.  We are moving into the 1Q15 companies report.  The result will affect the direction of NADAQ, DOW and S&P.  On top of that, this week we have some important reports like the PMI, Non-Farm......which will affect the market too.  So watch out on that.

What about STI?  23 and 25-Feb, its tested 3453 but failed.  Once again, it is testing the resistant.  We saw a positive candle on Friday.  But then on Future, SIMSCI had a shooting star close the resistant level.  I will be watching on price action together with indicator.

Watch out for a possibility pull back on NASDAQ

NASDAQ 15 year high

NASDAQ - after breaking FIBO 100%, it continues riding small step. If this ride continue, watch the important resistant 5080 to 5130 (15 years back / history high).  FIBO 168% (5230) is also around there. 

 

Every countries are printing money

STI is coming close to its 3453 to 3465 resistant.  Profit taking may take place.

6 weeks had gone.  As you can see the global market whether is US, Europe or ASIA, they were volatile.  Just look at China A50 Future, its one day fluctuation can go more than 5%.

22-Jan, European Central Bank (ECB) announced that it will inject €1.1 trillion (£834bn) into the ailing Eurozone economy.  It means ECB will buy €60bn bonds each month from banks until end of Sep 2016, or even longer.

Today Sweden also announced cutting its interest rate from 0% to -0.1%.  On top of that, they launched a programme of quantitative easing, buying government bonds which worth 10 billion kronor ($1.2bn) to inject cash into the economic. 

So when you think will US going to raise their interest rate when every countries are printing money.  With this PM, we saw DAX reached new high.  What about the US and ASIA, where are they heading to?  My posted on 27-Dec is still valid like Shanghai market now at wave 2.  Its first major resistant at 3400.....whenever US market reaches a new height, the fear comes in.........http://achua138.blogspot.sg/2014/12/y2015-is-going-to-be-volatile.html 

SGX

Keppel Land