Update:

My view on STI remains at "neutral"

but the theme will change from "rebound" to "cautious".

The index did a nice rebound after my call on a rebound theme, but the problem is low volume buy ups. Implications? Index can easily retrace the whole rebound gains in very short period of time. I am NOT making a bear call, but rather choose to take profit on counters where volume sell downs are coming in (relative to buy up volume from the recent rebound). In order for STI to retest highs, volume buy ups have to enter, fast.

Marine stocks are starting to experience volume sell downs while commodities remains a relatively stronger sector in this play. I will observe the movements over the next few days to properly evaluate the next move.

i will prefer to go LIGHT on some commods in anticipation of a volume push up. Other possible riding sectors will be banks and props. Some funds can be moved towards defensive counters while gold will be another option.

Remember, we are moving from buy on rebound into buy on anticipation, so limit your risk.