Staying at sideline would be the best bet now!

On 18/Mar, Singapore shares closed slightly weaker following a report that Greece may seek financial help from the International Monetary Fund.

STI ended down 0.2%, or 5.36 points, at 2,913.94, with 1.32 billion shares traded compared with 1.70 billion shares Wednesday. In the broader market, losers outnumbered gainers 264 to 189. Overall STI has been see-sawing today between the “Green or Red” line since there are limited upside for STI and most investors prefer not to buy any stocks now especially as it approach an important technical resistance @ 2935.

Dow Jones Newswires cited a senior Greek official that Greece may consider other options if discussions within the European Union fail to lead to a solution to the country's financial problems. “If there is no clear support at the EU summit on March 25, we will have to decide where to go next," the official said, according to the report. "There are a number of scenarios on the table, but the most prominent one is the IMF."

Despite today is gaming group’s grand opening of its Universal Studios theme park in Singapore, Genting was one of the STI's worst performers who declined 2.6% to S$0.94. However it is important to note that the sell down VOL is LOW @ 0.11billion shares traded therefore I would not think too much of this.

Immediate resistance of Genting: $0.985

Immediate support of Genting: $0.9

My sentiments: STI is near to important resistance of 2935 and there is always a saying that you do not buy near the resistance. Instead we should buy at “breakout” on HIGH VOL, thus buying now is out but sell if the market swings down.