The STI opened higher today helped by a Wall Street rally and easing oil prices. I see it as a small bounce and not a turning point. The index is still well below the level it held at the end of September and the recent weakness seems to come from worries about AI spending hitting tech stocks, high US bond yields and tensions in the Middle East, not from any problem with Singapore companies themselves. Since the index is heavily weighted towards the local banks, I think its direction in the coming weeks will depend a lot on interest rates and on how the upcoming earnings turn out, so I'm staying patient and not reading too much into one morning's move.