With overnight US trade retraced badly, alot of pessimism crept up in local market again. However a strong performance from Hang Seng & Nikkei proves too much for our local traders to ignore. We close up with late buying! Late buying is very important. If you had followed my journal so far, you would have noticed late buying often leads to higher highs. As for the sector to focus on, Tech sector, I think i have been highlighting for the last 2 weeks. I saw light trading volume upon correction after a breakout. The whole sector was behaving like this. Hence it gives me great confidence in this sector.
The time now is 1:25am and Dow jones is at 97 points, Nasdaq 28 points! This should encourage buying tomorrow morning. As it is a Friday, late afternoon profit taking can happen.
There are no breakout counters today. Mostly are continuation of the uptrend after the corrections. I will only showcase good risk/reward counters in my blog. Daily sentiment scan showed that it was a mixed market. However, plastic and Tech stocks had the most volume hence remain the likely stocks with more upside. I personally did not like plastic due to it's sensitiveness to Oil price. However it's current run proves that, opinions are often wrong. If I had stuck to the technicals, I will be a few percentage richer! :D
This weekend, I will be checking out on the breakout rally counters and spot any similarities. Be sure to tune in!
