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is this reversal the start of the 4th wave?
One advice (good or bad you decide) - the wave is not able 'hear' what is coming in a situation when everything is so noisy. Full moon is coming and it might affect the tides differently this time! Cheers!
next support level below 2900 is 2600 as mentioned by some top analyst in this week's newspaper...can check out the Money Page of the Straits Times newspaper
Hi guys, been wondering, if the US recession does come (looks increasingly likely despite the upturn recently), does this mean the market will move sideways?
Also in the past 6 months I count 3 major downturns in the STI, with the worst being the most recent one or August 17th. Do you guys think that there's any chance that there will be another downturn in the future though the market is looking more fairly valued now?
Last question, below 2900, where is the next support level?
Struggling Citibank plans staff cuts in Bangkok
DARANA CHUDASRI
Citi's Bangkok branch has not been spared from the US sub-prime woes, with the local bank ordered to slash jobs to contain costs. Tohphan Tuchinda, head of corporate affairs for Citibank (Thailand), acknowledged that local job cuts would be made.
But he said reports of hundreds of job losses were ''wildly mistaken''.
''I can't say how many people will be affected, but it is less than 1% of our local staff of 2,600 people,'' he said.
He added that salary increases and bonus payments had not been substantially affected.
Citigroup rocked the financial markets last week after it reported a fourth-quarter loss of $9.83 billion, largely due to sub-prime home loans and other risky assets.
The bank, one of the largest financial services groups in the world, took an $18.1-billion write-down on its investment portfolio and set aside $4 billion to cover possible losses on US consumer loans. The sub-prime crisis and losses led to the resignation of chief executive Charles Prince in December and forced the bank to raise new capital from investors in Asia and the Middle East.
The bank plans to cut 4,200 jobs from its global workforce of 375,000, on top of 17,000 layoffs announced in the spring. Most of the job cuts are expected to be made outside of Asia.
Mr Tohphan said the impact of the job cuts on Asian operations had been small. ''And in Thailand, [the impact] is even lower than minimal,'' he said, adding that the bank continuously reviewed staff performance as a matter of course.
''Thailand and countries in Asia continue to enjoy strong and sustained growth. We continue to hire, grow our workforce and continue to expand,'' he said.
''However, in some areas, we also need to review and make plans for further productivity improvements and right-sizing for our staffing levels.''
source: Bangkok Post
DARANA CHUDASRI
Citi's Bangkok branch has not been spared from the US sub-prime woes, with the local bank ordered to slash jobs to contain costs. Tohphan Tuchinda, head of corporate affairs for Citibank (Thailand), acknowledged that local job cuts would be made.
But he said reports of hundreds of job losses were ''wildly mistaken''.
''I can't say how many people will be affected, but it is less than 1% of our local staff of 2,600 people,'' he said.
He added that salary increases and bonus payments had not been substantially affected.
Citigroup rocked the financial markets last week after it reported a fourth-quarter loss of $9.83 billion, largely due to sub-prime home loans and other risky assets.
The bank, one of the largest financial services groups in the world, took an $18.1-billion write-down on its investment portfolio and set aside $4 billion to cover possible losses on US consumer loans. The sub-prime crisis and losses led to the resignation of chief executive Charles Prince in December and forced the bank to raise new capital from investors in Asia and the Middle East.
The bank plans to cut 4,200 jobs from its global workforce of 375,000, on top of 17,000 layoffs announced in the spring. Most of the job cuts are expected to be made outside of Asia.
Mr Tohphan said the impact of the job cuts on Asian operations had been small. ''And in Thailand, [the impact] is even lower than minimal,'' he said, adding that the bank continuously reviewed staff performance as a matter of course.
''Thailand and countries in Asia continue to enjoy strong and sustained growth. We continue to hire, grow our workforce and continue to expand,'' he said.
''However, in some areas, we also need to review and make plans for further productivity improvements and right-sizing for our staffing levels.''
source: Bangkok Post
and many more banks as well.
Massive job losses for Nokia
As many as 2300 employees may be cut
by Katie Scott| NEWS: 16 January 2008 8:47 GMT - It is being reported that Nokia is planning to cut up to 2300 staff. Reuters has published details of the manufacturer's plan to close a plant in Bochum, Germany, by the summer and to make 2300 employees redundant as it moves its mobile device production to a lower-cost region. Nokia spokeswoman Arja Suominen said: "We are moving production to existing plants, mainly in Romania, which will start during the first quarter". He added that recruitment had already begun. Nokia board member Veli Sundbaeck added that labour costs were almost ten times higher in Germany than in Romania and further investments could not save Bochum. Nokia announced its plan to set up a mobile phone plant in Romania in March last year, investing 60 million euros. Reuters adds that the Nokia plant closure is a second blow for the telecommunications manufacturing industry in Germany. Just over a year ago 3000 employees lost their jobs when BenQ Mobile declared bankruptcy. German Unions are expected to fight Nokia's decision. Ulrike Kleinebrahm, local head of union IG Metall and member of the supervisory board of Nokia GmbH (Germany) told Reuters: "This is a catastrophe for Bochum. The news hit us like a bomb". "We cannot understand why Nokia is to close down this site despite having earned so much money here. The union will take action against Nokia's decision." Nokia added that it also planned to sell its automotive accessory business and is in talks with Sasken Technologies to sell the Bochum-based adaptation software research and development unit. Further bad news - Nokia's network gear venture with Siemens, Nokia Siemens Networks, is to cut 9000 jobs, or 15% of its global workforce, by the end of 2010, with 2290 employees to go in Germany. >> Via - Reuters |
Thanks do they have historical data dating back to yr 1999. I will need it to calculate the approximate fibonaccia support region. Hope all of you are doing ok. As for me, I have picked up a new hobby, will stay away from the markets for a while.
you also get the STI indices on www.sgx.com
jasonongsc....well, the problem will start when the companies are starting to cut jobs.....then ppl will not have job, and they will not have money to service their housing loan, credit bills, etc. Yahoo also wants to cut jobs.
I know that our brokerage accounts no longer show the Indices, but if you are looking for the STI chart you can find it on Yahoo! Finance by typing in the code "^STI".
Hope this helps to get a STI Chart.
mike i spoke also to my USA colleagues and they are quite okay with the subprime. Its still not affecting the majority of people.
if u still have a job and have not unduely overspent, should be okay :)
Wave 4 started at about 3800 points which was the last high of the STI before the market started correcting last yr in Aug. I don't have an STI chart off hand so its abit hard for me to make any comments.
thanks for the prediction.
My hunch is that STI will commence Wave 5 around 2,500 points although the market rebounded this morning cause Mr. Bernanke cut the rates by 75 basis points in an emergency measure last night...
Talked to my colleagues in the US last nite, they are feeling very strongly that the whole economy in the US is very bad. If this is really a correction (a big one so far), then, it is good news...when is the 4th wave starting? It is anyone guess.....or there is no 4th wave
hmmm...indeed very interesting about this wave thingy...at one period of time last year in SJ...i heard a lot about this ....now very long never hear about it...anybody care to enlighten? if what bodobin says we might ascend on the 5th wave...tt's certainly something to look fwd to...
If it is indeed in the 4th wave, what is the resistance level we are looking at before the STI starts its ascend on the 5th wave?
Greetings guys, as we all know the STI index is currently trading below the 3000 pyschological support level, bad news is coming out of the US and many people think that a recession is coming. However, we have also forgotten that stock markets correct even during bull cycles considering the run up of the STI index was relatively strong for more than a year before the current crisis started. Elliot Wave practioners will argue that there is nothing to worry much about as the market is in its 4 wave corrective cycle and will continue to rally after the crisis is over. Anyone has any comments to share cheers?