Protected My Profits

With US opening down almost 150 points, we are very close to breaking the support I concluded yesterday. Best scenario is for it to trade and form a base here. Current mood in the market is very nervy. Again the rally this morning was an opportunity to sell. By closing so much lower today, we look set to see a hanging man on the weekly chart. For now, I shall highlight what is going on from STI point of view.

Summary of Observations lately:
1) Index stocks got whacked
2) Sector rotation was very fast, like dumping at rallies
3) Every rally fails and got shot down
4) Property stocks gone quiet since April and some even are in downtrend

Today I took my profits for Hiap Seng when I again saw that there were broad market selling. This isn't normal at all. Tonight with wall street's huge loss.... tomorrow morning... no eyes see.. all I can hope for is not a big gap down for I know many people are still holding on to their shares. With blood being spilled in wall street, i'm glad last week I locked in all profits to avoid risk. You must already have a trading plan and know exactly what you will do when crisis hits. No use planning what to do when crisis hit because your emotions will rule you instead.

I have receive so many emails wanting to join me. :) I will reply to each one of you. But i have also stop looking so those who missed it....wait for next round. :)




DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.