FKLI Related News

U.S. stocks fell, following the longest rally for the Standard & Poor’s 500 Index since 2004, as a drop in pending home sales overshadowed a rise in durable- goods orders while investors watched earnings. 

The S&P 500 (SPX) fell 0.2 percent to 1,500.18 at 4 p.m. in New York. The equity benchmark closed above 1,500 last week for the first time since December 2007 after an eight-day rally. The Dow Jones Industrial Average lost 14.05 points, or 0.1 percent, to 13,881.93 today. The Nasdaq 100 Index added 0.2 percent to 2,742.43. About 6.1 billion shares traded hands on U.S. exchanges today, or 1.1 percent below the three-month average.

“The sentiment is really, really bullish,” Barry James, who helps oversee $3.5 billion as president of James Investment Research in Xenia, Ohio, said in a phone interview. “That is a little bit of a warning sign to us that we could be more in a topping phase than actually a new bull phase. It would take a lot to really convince everyone that happy days are here, and we can just ride this off into the sunset.”

The index of contracts for the purchase of previously owned homes fell 4.3 percent to 101.7 in December after a revised 1.6 percent increase in November, the National Association of Realtors reported today. The median forecast in a Bloomberg survey projected no change in the gauge.  A separate report showed orders for durable goods in the U.S. rose 4.6 percent in December after a 0.7 percent gain the prior month.          [Bloomberg)

FKLI  opened slightly higher this morning at 1636 but sentiments remain cautious in Malaysia due to this holiday-shortened week with only three trading days. Friday will be a public holiday in conjunction with The Federal Territory Day. Today’s Support and Resistance for January contract is located around 1,628 and 1,645 respectively.