Yes, the index does closed very ugly and that accross the board, bloodshed. However using my screening, i searched and found that despite the big sell off, we didn't go down further. Although this does not guarantee we don't go down further from here but I am able to produce 2 opinions:
a) in recent weeks, there wasn't any sucker rally and that mostly shares did not close up higher and i could feel a lack of participation from the retail side. Hence there will not be alot of panic selling.
b) DJ is near support at 13,400... it will be nice to see this level holding. Furthermore, alot of stocks are trading at their major support levels. If all these levels start to crack, my CFD account is ready.
I just concluded my course over the weekend and remembered something valuable which I have forgotten. As I introduced alot of strategies and techniques in the course, by the second day, I could usually see the "information overload" syndrome in the room. One participant asked, "So many things how to apply all" ..... then it struck me! Technical Analysis shouldn't be difficult. It should be fun and easy to apply. Hence my reply was, pick up 1 or 2 of the strategy learned and then slowly add on as you get comfortable. This way, it will be more effective and you can still have loads of fun. For the benefits of newcomers to trading, I urge you to learn price movement and identifying support and resistance first before even looking at indicators. Indicators can fail and WILL fail, it is the understanding of support and resistance with price movement which will limit your risk and LOSS!
As the market corrected today, for the brave ones, you might be wondering which stock to pick up if you believe this is the lowest market will go. Tonight, I made use of XPertTrader Fibonnaci rule to screen out stocks that had closed near the Fibonacci levels. Hence I can save precious time and focus on analysis rather than charts flipping.
XPertTrader Screening Results
No. Stock Name Triggerred Date Triggerred Rules
1 Allgreen 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
2 Biosensors 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
3 China Hong 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
4 ChinaAngel 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
5 ChinaAOil 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
6 ChinaPDye 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
7 CITYDEV 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
8 FerroChina 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
9 FORELAND FABRICTECH HLDS LTD 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
10 Full Apex 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
11 HG Metal 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
12 HL Asia 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
13 Oculus 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
14 Olam 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
15 Pac Andes 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
16 Penguin 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
17 Rotary 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
18 SeeHS 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
19 Sing Tel 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
20 SingHldg 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
21 Sky Petrol 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
22 StamfordLd 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
23 STX PO 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
24 Ultro 22 Oct 2007 ((Fibonacci retracement around 38.2% ))
25 AdvaHldg 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
26 AnnAik 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
27 Ascott 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
28 Asia Env 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
29 AsiaPharm 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
30 C&G Industrial Holdings 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
31 China Sky 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
32 CHINA SPORTS INTL LIMITED 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
33 China XLX 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
34 Dutech 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
35 FUJIAN ZHENYUN PLAS IND CO LTD 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
36 Hongguo 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
37 Jiutian 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
38 Manhattan Res 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
39 MapletreeLog 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
40 MiddleEastD 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
41 Ouhua 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
42 Parkway 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
43 SingPost 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
44 StarHub 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
45 Superbowl 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
46 Tai Sin 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
47 Wing Tai 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
48 Yanlord 22 Oct 2007 ((Fibonacci retracement around 50.0% ))
49 AllcoReit 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
50 BakerTech 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
51 BeautyChina 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
52 China Sun 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
53 ChipEngS 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
54 Contel 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
55 ETLA LIMITED 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
56 HLN Tech 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
57 Ho Bee 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
58 Hongwei 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
59 JK Tech 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
60 KingWan 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
61 Midas 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
62 TianjinZUS$ 22 Oct 2007 ((Fibonacci retracement around 61.8% ))
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
