Tuesday, May 22, 2007

Consolidating positions

HSI shys away from closing above 21k yet again and I am disappointed. My heart dropped when it tanks more than 200 points by mid day. However a strong rally by Nikkei ensures HSI stays afloat. I noted that HSI has been trading sideways at this level. Whenever they threaten to break downwards, it is well supported. However it must close above 21k soon, otherwise I see it as a scenario where offloading is happening around 21k. I am vested in the call warrants.

STI while it is heading up, i noted the RSI is not showing strength, staying flat as we head up. I am not going to add new stocks. If I have to buy, i will more likely book profits from a sale to fund the purchase. I need to see 2 situations developed. Firstly, maket to trade sideways and stop heading higher for next month. This is healthy and a way to shakeout weak holders and pave way for another record. Lastly, market should corrects and then build base.

LottsVision was sold the next day after there was no follow up. I never like to ride profits on speculative stocks. It is not safe at all. I will continue to trim my portfolio and get rid of "dead" stocks and consolidate my positions as we head higher.

Growmoney Growth Fund
Noble Grp

*Added yet another batch of Yongnam and Amara

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