Thursday, September 01, 2005

Marine and Property stormed back!

Everyone happy? hehe :D I had mentioned time and again how the selling is light in volume over the past weeks. I wasn't convinced that we will head into sell down and I have no fear. What I saw and thought was consolidation and normal reaction after recent big gains. STI move up today on heavier volume as compared to when STI went down. That I thought was evidence that I shouldn't turn bearish. Waiting patiently by the side and ignoring attractive penny stocks, Marine and Property finally came back to play. I always thought when these index stocks move, they move in giant steps. When property counters moved yesterday, I alerted that Marine will be next and who would have thought they heard me and moved up in tantem. haha Oh by the way, did you realise over the last few days, many bullish reports were out? Consolidated enough isit? *wink*

Amid this bull rally, please watch out for traps. If prices cannot close above their highs, if it rebounds off the resistance line, take care. Volume is key here.

No charts tonight as SGX's data is still not out yet. Hence no data feed for my charting tool. : (
But counters to watch will be Keppel Land & Semb Marine. For those going after Cosco Corp & Capital Land, the march towards the north is not as easy. Cosco was sold down in a much heavier volume and down the most while Capital Land was placed out by Temasek. These two might take a longer time to recover. But Recover they will!