No joking matter, despite a higher closing on Friday by US, we are straight under pressure from Asia's leading bourses. The time to buy is here again!!! :D But don't get me wrong, i'm not asking you to jump straight in! Buying in recent weeks is definitely high risk, but with market heading downwards, soon it will have a reversal signal, that will be the time to pull trigger. Otherwise staying clear seems to be a safer choice. I always tell myself, it's either I buy near support or i buy at breakout under bullish conditions.
Nikkei's support is at 15,710 to 15,745. 38.2% of fibbo retracement from it's low in June is 15,521.
HSI's support will be at 16,894 thereabouts. However there are bearish divergence signal as seen since a weeks ago, it pays to be careful with your china stocks now. Otherwise, playing HSI PWs could be quite fun too. Please choose near the money strike price!
Crude oil has now hit US$65!!! No wonder all the oil related counters got whack today. With oil price hitting highs, I avoided plastic related stocks. Now it's time to take a look at them once again! Hi-P a long forgotten plastic darling looks to have bottom. I will be looking for signs of a bottom in this.
The most important is the Consumer Price Index report set for Friday, ahead of the Sept. 20 Fed meeting.
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings. Copyright © 2006 GrowMoney Blog. All rights reserved.
