Late buying in stock market ( Media Ring )

For the umpteen times, another light volume day. A fellow trader reminded me that it is the roll over date of Simsci futures and hence the stocks can move unusually. He added that, today's actions shouldn't be taken too seriously. US stock market corrected slightly on the Dow but about 1% on nasdaq. On any other day, tech stocks will be greatly hit by such a performance by nasdaq but they were resilient today. I continue to fancy this sector as the trading volume is light and price range very tight. When it breaks out, so will STI! Hey wait! how about banking and property counters? They have been largely forgotten. *wink*

The last time late buying was seen, Nov 22nd (scroll down), it was a superb rally next day. Will history repeats itself? The late buying can only occur because smart money knew what will and is going to happen.

Breakout wise, Plastic stocks continue to register gains on heavier volume more than 50 days average! Fu-yu, Meiban, Huan Hsin & Fischer Tech appeared on my list. I shall continue to snub it. : ) As the wise man always say, price doesn't travel 1 straight line up. I shall wait for corrections and judge it by the volume. Crude oil futures continue to slide, this helps the plastic stocks. I prefer MediaRing to chart, it should extend it's gains today from here.

If you don't already know, I have 2 more sites to keep your trading hours fun!

freecharts.blogspot.com
begintrading.blogspot.com


Media Ring - The time is ripe!