NSE closes @3323 and below the pin off @3357. The double bottom theory goes to the dustbin and the bounce to 3500 was a fakeout on the 5, 10 & 20 day SMAs. I hope tomorrow my mpesa trade will be sold. As I stated yesterday, no need to force trades.
For now I'll keep watch to see if we the index breaks through 3000 - 3080 zone which will confirm another bearish year (2012) for the NSE.
KCB is attempting an NBK... Never thought the 17/- handle would lose support easily.
KPLC will break the 17.05 low made on Aug 9th. Very bearish and its bro Kengen is also the same.
Olympia closes below 4/-. Same price zone as Mpesa.
SCB gives up the 190/- handle - the shareholders of this counter are usually mean, but that does not rule out a test of the rights price. We will see if Mr Market will get to that price.
And as usual agri stocks still survive the 9 month Mr Market carnage since he's still trying to price the unlocking of the real estate value for those that will convert like Sasini. The dollar appreciation vs KES is also serving as an export cushion for coffee and tea income despite the drought affected output.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!