The market doesn't go up in a straight line as the arrow flies.
However it can just collapsed sharply as if it has no legs when it fell.
Apart from the continuing Greek issue where its best paying bond issue has yet to get buying traction, the action on Bursa KL is at home.
The devil at work is none other that that juggernaut, EPF which had been feverishly down-loading its blue-chip holdings thus bringing the market down.
I do hope there was no panic selling among retailers because most times, you may have to take your losses when that stock you sold rebounds! Trust me, my experience in this has been bitter. Big boys always win!
Now that the market has stabilised to an even keel, I believe that the bulk of the kamikaze action is about over.
When prices for stocks like Telekoms Malaysia(TM)and Petronas Chemical (PChem)has breached the 15 sen free fall, buyers will come in whether they be local institutions, retailers and smart-foreign funds. It is like the physical law of 'water finds its own level'.
For those with have handy cash, grab some TM, Genting Berhad, Public Bank, Hong Leong Bank,Sime Darby, YTL Corp and PChem before they rebound.
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