Thursday, July 06, 2006

Red Star Army Marches on!

Our market was pretty resilient to the selling pressure due to the N.Korea missles test. China stocks were heavily sold yesterday and I warned of a sell off which never happened!!! Shooting stars required black candle confirmation for a bearish formation. During intra-day i observed that instead of closing with black candle, i was seeing strength in China stocks broadbased. Of course strength from Hang Seng helped alot. I revisited history back in 2005. Back then, i keep waiting for retracement to buy and market drifts further away from me! This time round, I am not stupid! When my anticipation of a pull back did not happen and instead the behaviour was strong, i just went ahead and buy instead of wait. I reckoned, as long as i have sound money management rule which is important for the long run, I should just go ahead.

From my system scan, the undertone of the market is bullish. Strengths are in Banking and finance and our China Darlings.







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