Monday, July 18, 2005

Bulls losing steam

Another mixed day of trading today with losers slightly ahead of the gainers. Are the bulls losing steam? Ready to turn down? Or are they simply resting?

Vol 720.6 M Val 760.0 M
Rise 206 Fall 230

June's non oil export fall short of analyst's estimates and affected trading sentiment. Many of the counters that had moved up sharply had taken a U-turn. This is the reason why I shouldn't chase after high price. Retracements are bound to happen as it's human to take profit when it soar high enough. Question is, will there be continuing buying? Oil, Gas and energy plays are reported to have more upside.

Decipher Gems, the more i see unifiber, the more impatient i got. It's been consolidating for a long time now. On the charts, an Ascending Triangle could form. This will result in an upside breakout of price. As for CSE, it has touched my cut loss at 0.790. But it's thin volume today caused no alarm. Only if it goes below my cut loss then I will consider it as turned sour. It's weekly trend is still upwards. I'm waiting for Jurong Tech and ST-Eng to retrace further, their weekly uptrend are intact, however i need to see more retracement before the risk/reward gets good enough for a punt at the babies (warrents)! The rest of the gems are still having weekly uptrend.

No new gem found in my trading system today. This could be testiment that my system would not be conned by a fake bull! :D

A watch out for tomorrow:
Minister of National Development Mah Bow Tan will announce policy changes affecting the property market at 3.00 p.m. Singapore time (0700 GMT) Tuesday.