Wednesday, January 10, 2007

Market Bears the pain

I thank lady luck for smiling at me today. I was left unscathed from the attack by the bears today. The reason is still not known as DJ had a decent close last night. The nightmare began when Nikkei swung to negative 200 early in the morning. Intra day wise my stocks like jiutian chinaenergy all gave up huge gains. I maintained composure by sticking to one of my rules to only decide the actions to take closer to 5pm. By 5pm, they recovered.

STI one way ticket today is a real shocker. Although i expect a pull back after my study of volatility on Sunday night, i never imagined it to be such scale. We have now closed the gap that i'm so wary of. This is good as if the undertone is strong, we can move to greater heights from here. Now there are a couple of things to watch out for. STI must rebound by Friday for the indicator to show signs of life. 2865 is where the 23.6% Fibbo is. This could be the bearish target mid term. Otherwise, 2920 seems to be near term possible support. But with momemtum indicators with room to fall, i shall stand aside.

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