Instead of setting the regional markets on fire, we finish slow and steady. With DJ breaking 13k and staying above, the first part of my anticipation came true. However HSI didn't burst the resistance and closing below it. According to my experience with HSI, if on song, it will easily break the resistance. It just didn't happen today. I promptly took my profit at resistance when it failed the second time during intraday. This is despite that i think DJ can still close up tonight. Today's weakness echoes what i have observed last 3 days.....a hesistant market. Leaving the HSICW overnight to bet on a open rally tomorrow is called gambling. To execute a trade according to a plan is called trading.
One reason for the lethargic markets, everyone has the fear of a market plunge. Again most breakouts failed and follow through buying is rare unlike few weeks ago.
ChinaShares which had gone quiet for weeks appeared in my hitlist tonight. They may start to party soon. Also noted property sector seems to have found bottomed. Both CSC and Yongnam looks to be shaking out weak holders for now. Weekly charts are intact.
Other than taking profit on HSI, no other trades done. I am looking forward to cash out some of my holdings.
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.
