The 3rd week has passed after the sudden meltdown and the market still hasn't found bottom. I will not be in a hurry to pick up stocks yet. Using the simplest form of chart reading.... bad news..descending triangles everywhere. I fear a further break to the downside. This is highly possible given that we do not have any incentive to head up. Tuesday, Wednesday brings about volatility....Fed will be meeting up. With market already taken a beating, i doubt they dare to anyhow talk...if they dare to raise rate, global market no eyes see. China has increased rate over the weekend, it will be interesting to see how the market will take it.
Jurong Tech looks very weak and seems like more downside to at least 0.80 or 0.775. A quick trade saw me profiting from my HSI CW. Gosh it feels good to win again! It will be like a boxing match for now until I see a market bottom. Boxing match as in, hitting and doging the blows. In trading we call it swing trading. Otherwise it's commonly known as quickie.
The probability of downside is more than upside, that's why I am keeping my STIPW. The fact here is, when the market pulls back, it will be done so fast so quick. When the market rallies, it will be resisted by plenty of stale bulls. This is where the STIPW will run faster in my favour should the market tanks, and will depreciate slowly when market rallies.
Watch on...
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