VNI: May has rather been a depressing month for the VN Index. But this only after the VNI hit a fresh 2012 high of 492.44, a nearly 48% move from the 332 low in January 2012. However, the index failed to break through the psychological resistance of 500 points and corrected around 19% from its peak to 435 as of 30th May 2012. We expect the VNI to bottom out at the 430/435 level, as the short-term indicators triggered a fresh buy signal at the end of last week.