Bangkok--16 Oct--Phillip Market Trend: Bet a break above key 900-point level but risks of market correction rising Shares of PTT Group propelled the Thai stock market higher yesterday amid a rally in global oil prices. Today, oil prices continued upward momentum to set a fresh record high. Continued foreign buying still led Thai shares higher. Today, the Thai cabinet will meet to approve the royal decree to set the election date. We view this as additional good news on the local front. Chances are high that Thailand’s benchmark stock index will make another try to for a break above the key 900-point level today, but risks of market correction are also rising at the same time following recent strong gains in the SETI and shares of PTT group. Meanwhile, mood in most regional bourses turned bearish in this early morning trade, tracking overnight losses of over 100 points on the Wall Street. Under this circumstance, we recommend investors look for an opportunity to take profits again if the SETI is unable to breach the key 900-point level.Resistance: 903-907 Support: 890-885FACTORS AFFECTING THE MARKET:+ US crude for Nov delivery ended US$2.44 higher at US$86.13 a barrel on Monday as fresh tensions in the Mid-east fueled worries of a supply crunch during the winter and US dollar weakness also put pressure on the market.- The blue-chip Dow Jones industrial average eased by 108.28 points on Monday after a bleak outlook from Citigroup Inc, one of the largest US banks and news that big banks were setting up a fund to shore up the commercial paper market dampened investor hopes for a quick fix to the global credit squeeze.- The government ran a cash deficit of Bt158b for both budget and off-budget deficits, according to Thai finance ministry spokesman. The deficits were largely offset by the bond and B/E issue, but the ministry still reiterated that it remained on track to meet economic growth target of at least 4% for this year, using the fiscal polity as a major tool+-/ The Thai cabinet is expected to approve the bidding procedures and rules for the construction of the red-line electric train project (Bangsue-Rangsit) at its meeting today. The royal decree to set the election date will also be tabled for the cabinet today, as well. We view this as good news if the cabinet endorses the decree. Only the controversial Retail Business Act (RBA) remains a concern. The RBA would also be put before the cabinet today.