Dow - Gained 536 points (+3%) in two days.

Dow (17,907)

Seeing a stabilizing oil price and possibility of more aggressive stimulus programs from central bankers in the Eurozone, Dow surged 323 points (+1.8%) on Thursday. Following 2 days of strong performance, it appeared to me that Dow is either forming a a-b-c-d-e wave (xiv),

Or more bullish, it has just completed the sub-wave ii of its wave (xiii). Under this option sub-wave iii is expected to punch through the upper resistance line decisively with more new record highs in the coming weeks.

KSL Holdings Bhd (Rm 1.89)

KSL moved up strongly today after the 10% interim dividend announcement. It gained 16 sens (+9%) with 3.03 millions shares traded. KSL has fixed the price of new share to be issued pursuant to the 'dividend reinvestment plan' at Rm 1.57.

Today's candlestick appeared to be the mini-wave viii of c of wave (iv). There should be one more down, the mini-wave ix. However, if the upward momentum is too strong and if it can move above Rm 2.00 (top of mini-wave vi) in the next two days, then I will have no choice but to accept today's candlestick as the starting of wave (v) of major wave 3.

Next target for KSL is to break the Rm 3.00 level. Kenanga has a fair value of Rm 3.30 for this stock.

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