It was certainly a pleasant surprise for my folks. Thanks for making their day a happy one. : )
Early in the trading day, there was a technical glitch on STI. Simsci open gap up and my put warrants from the day before looks set to be BBQ'ed. However due to the glitch, STI did not track simsci and it gave me time to get out of my put warrants with a 2 bids loss. Lucky escape! However, as i always avoid risk, the warrants i bought has got a slower delta and hence it won't move very fast against me. My choice of warrants has always been if i'm wrong, it should move slowly against me, when i'm right, it should move faster in my favour.
STI: Upward Fibo resistance 61.8% compromised. However the volume on the way up is classic warning sign. However, i will only be wary and not take any actions as too many times, volume can just pick up suddenly on the upside. 3407 thereabts should be good support if uptrend would to be engineered. Ultimately, i see a possible ex-support now will become a potent resistance. For the good of everyone, let us hope we "soon soon" break through it and welcome back the bulls.
Today I picked up Adv Hldg after a chart base breakout. Although my view was that the subprime thingy is something serious and that it can cripple the finance system. However, as Jesse Livermore puts it, "Opinions are often wrong and Market is always right" I am not going to argue with what is happening. Since market doesn't want to go down, what good does it do for me to be sidelined, stubbornly sticking to my views and refuse to trade? I tried to short the index over the last few weeks and although i made on all 3 occassions, it was a hint to me market wants to trend higher. This is because, the levels i shorted are near pivoting points where index should plunge. Instead, index showed resilience and I have to go for quick profits instead of pocketing a big profits. Furthermore, together with participants from my course, we deciphered what could happen this week on Sunday. Anyway, I'm comfortable doing swing trades until i see a couple of nice uptrending stocks for me to ride on.
XPertTrader Screening for Short term Price pattern:
Armstrong
Tiongwoon
StraitsAsia
Occulus
Yongnam
LC Dev
Lum chang
From my nightly volume screening... alot of shipping companies hog the list... think think think.. after shipping what should move??? So far red army not moving??? where are the old china favourites? Will they cheong?
Something interesting!!! Capitaland appeared in my growmoney trading system screening. The natural thing I want to observe over the next few days is more property stocks coming onto my XPertTrader results. If that happens, my anticipation is not only will property counters move, STI will not go down too.
DJ is trading at -150 at the point of my entry, i have no fear as yet as it is only normal for it to pull back and corrects. Mid week corrections can make way for a good Friday closing.
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
