Losers outpaced gainers today in a crushing victory for the bears. The good news is, the volume is pretty light. Bulls are not knocked out. Scanning through my watchlist, the decline is marked by light volume. Thos who like to pick bottoms, this could be a great chance. For me, I buy only when there is a rally, this is the only way I can trade the market given my small trading account and a full time job.
Oil Price slips on better than expected US oil inventory report. US new home sales hit record high in July. Good catalyst to give the market a much needed reason to head north after nearly 3 weeks of corrections. Oil is the only main concern for most now, it has been the scapegoat for recent sell offs. Now that it is retreating a little, time for the bulls to begin bargain hunting.
Support for Marine counters stood like a rock. But not for properties as they continue their downslide. Marine offshore services is very in the news lately with more expected to come. My top picks will be still Cosco & Semb Corp. As for properties, i'm waiting for strength to show up before I even want to consider them.
As usual, inorder not to tempt you into getting vested in uncertain times, I post no charts. :P Actually the truth is, there is nothing good to chart. I only post good lobangs. Otherwise how to growmoney right!? hahaha
