Poised for New Year Rally?

With only 4 days to go (and 1.5 trading days left), the year 2009 is coming to an end. 2009 has been an eventful year indeed as we swing from near hopelessness from the near collapse of the world financial market to a  stock market euphoria, that took most stock indices back to pre-crisis level between April to December.

While the stock market has been largely in a sideway trading phase over the last few months, the fact is that the market has remained in an upward trendline, The key indices has in fact been holding surprisingly well over the past weeks despite the lower trading volume as a result of the holiday season. Technically, there is a chance that the market may be poising for a new year rally after recent months of consolidating move. I have attached the chart of Dow, STI and HS here for your reference.

Personally, I am bullish on the commodities and O&G related play. In fact, looking at some of the charts today, it seems that quite a few counters have either already started moving up or poise for a up move.

Some on my watchlist include:
ASL Marine - which show a breakout today on volume
Ezion - been on a slow uptrend from recent consolidation. Good fundamental on Gorgon.
Ezra - 2nd time testing the resistance of $2.28
Straits Asia - which has been trending upward confidently
Also Noble, Olam, Ausgroup

Perhaps I am overly bullish, but I am putting my bet on a new year rally! Have a Prosperous 2010!

This blog is a selections of my investment views to my client. If you find it useful or have additional information to share, please do let me know. These blogs are my personal views and is not meant to solicit any sales or investment on any securities or investment. I may have vested interest in some of the counters or investment products, hence please invest at your own risk. As usual invest in what you understand and do your own homework as usual.