Digi: The January Defect?

When global news turn positive,punters will play up stocks-especially day traders who will square off their position by day's end.

New benchmark at RM3.95

Also, this is driven by the more than anticipated January effect. Fund managers will have been given their war-chest to play into stocks to spin profits for their stakeholders.

And so it seems.

Yesterday, market went down marginally but today, it took off whirl-wind like pushing stocks to high heaven. Look at Genting, massive non-stop punting push the stock to beyond RM11.32. Similarly Digi shot up to no man's land of RM3.95. And then the sellers arrived to profit take all the way down until crimson colour rules these stocks.

Digi finished lower by 2 sen to RM3.79 while Genting was pruned by some 10 sen to RM11.14.

I go up, I go down

The bigger boys also had their gains trimmed such as BAT, Dutch Lady,KLK and Nestle.

Lousy day for trading. What January effect....more like a maddening January defect!