Global market sold off with China leading the way. I have heard stories abt how the stocks in China are gapping up every day and that people are trading on margin until the authorities had to step in. Anyway I'm still reading George Soros book on Bubbles and boom, hopefully I can learn 1% from this genius day by day and be able to call a bubble before it explode. Also, I would like to remind myself how i overstayed at the party in 2006 and was caught in one ugly stock called Federal which chipped my profits for an otherwise brilliant 2006. Hence, i must be disciplined to act according to my experience and plans....not to be ruled by hoping that market can rebound...hoping that this is just a pull back. Any pull back has a chance to be creating a market top now simply because of the run up. Prudence!
Indices like STI, HSI rebounded off support levels. Firstly STI rebounded off 20MA, this 20MA has supported STI in bad times for the last 7 mths. STI RSI also reached a point where we should see a rebound. Otherwise, I will take more profits. Today I cut 2 positions namely my HSI CW and Media Ring. I will continue to tighten my stops if market goes against me. If my stops are not triggered, then this could mean a great chance to load up.
My view on HSI is we are in a trading range, 20k to 20.7k. If 20k gives way, time to short perhaps. HSI tested it's 50Ma today and it stood. A short should be initiated if 50MA gives way. A whole list of economic data is coming from US... volatile session ahead!
GrowMoney Growth Fund
CoscoCorp @ 1.31
TatHong @ 1.16
Amara @ 0.450
Jasper @ 0.025
HSI CW
Aqua-Terra @ 0.560
BengKuan @ 0.670
AsiaEnv @ 0.475
Midas@ 1.50
SeeHS @ 0.530
Activities:
Sold MediaRing @0.420
Sold HSICW strike 20,600
Bought SeeHS @ 0.530
Bought HSICW strike 20,200
Shortists Haven : Not for the faint hearted...
To Watch How Support Level gives way
ChinaEnergy
ChinaMilk
FabChem
Fungchoi
HsuFuChi
Koh Bros
Reyoung
Yanlord
Too high too dangerous
Capland
CapRChina
ChinaSky
DBS
FerroChina
FibreChem
HoBee
SGX
SinoEnv
OCBC
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.
