Monday, May 29, 2006

Stocks drifted lower as suspicions of a bottom surfaced.

Another mixed day. Stock market is cautiously basing out a bottom. Bulls are not buying enthusiastically and bears dare not sell aggressively. A quick check on volume shows that today's volume has dipped and most stocks traded under average volume. I remember when the index is bottoming, individual stocks will start to reverse. I will continue to keep a close watch for positive development.

1 sector i noticed has limited selling. Harddisk. But overall, the weekly charts look bad. Although I think a bottom is basing out, but i shall not start to buy because that is just my gut feel. I must see the characteristics of a bottom before I can start to buy.

GrowMoney QuickPick
"Silas" made a very good point in a debate with me today. My homework posted online will do more harm than good if the reader do not do due diligence and buy blindly. As such, I must repeat. This section of the blog are stocks that I am interested in. You should perform your own analysis before buying. Always know what you are getting yourself into rather than doing it blindly.

ASL Marine, volume broke 50ma of volume, but because it's below 200MA, it's wiser to see what it is up to. 61.8% Fibbo retracement at 0.605.

AsiaPower, it's defiance to the sell down looks interesting. Historical high is pegged at 0.370.

KepT&T, 3 yrs high pegged at 1.63

Tiongwoon, sitting on support 0.250. But stock price has declined below 200MA on the daily chart. If stock rebound above 200Ma from here, Good! Otherwise...the low gets lower.

Those who have signed up for the workshop tomorrow, See you at 7pm! : )