ASI FAILED TO HOLD 6378 - Not a good sign

It was very important for the ASI to sail above 6378 points, if we were to see it crawling up towards newer highs. But it FAILED. Unfortunately the circumstances prevailing in and around the Market Sentiments are SO PESSIMISTIC, as such the pounding by the bears was no surprise. As we are moving into the lackluster December will rub the wounds of the bulls even further. Rate hike (EXPECTED) in the US and newer tax hikes in the SL will not sound well for the bourse in anyway. The present status is not the ideal for Buyers, whether they are traders or investors. As the Index is moving south the RSI is cooling off, and sits at 29 points. We have seen it falling below 20 points on many times during the last 2 years since the Present Government took control of the Country and the Economy. RSI fell 3 times below 20 points since 9th January 2015 alongside the dwindling sentiments and painful changes and developments taking place in and around the Globe. Strong and robust markets are evident when the Economic growth is on track. Sadly it is not so at present. However the early signals of change to the better can certainly augur well, but not visible in the distant future. A sigh of relief was that almost all the Major Companies have done very well in the September Quarter, but brought a blur in the direction they are heading in terms of profit growth with new Tax proposals. My earnest hope is that we will see clearly how the Companies will fare very soon, not in my dreams but really.......This Country needs new and large Investors, investing and creating jobs. If only Sri Lanka was in existence in this planet then we would not have any problem to see Large investors queuing up to open their Factories here, but I think there are 100s of Countries telling these Large Investors that their taxes are low and invest BIGly. As such they go to those Countries. I wish they will not do that and come here as well. Now I have realized that LAWS and TAXES can MAKE or BREAK a Country. May be it doesn't apply to Sri Lanka.