I cut my synear and lost brokerage today when it reverses all the way to my buy price with volume more than I would like to see. The big gap up in the morning didn't sustain and it fell back with heavy selling. This stock is bought in tantem to the rotational interest i detected for quickie and hence it is off the low and far from support. I feel safer to get out and relook. Especially I am still waiting for market to show me the direction then only would i take sensible risk.
Using my sentiment scan, actually we had a mixed day rather than a bad day despite some heavy profit taking going on as i can see there are stocks which hold their ground and their gains. However since STI has been up the last few sessions, maybe time is ripe for a pull back. I will observe how is the selling on the pull back... this should differentiate between healthy retracement versus bear reversal
For HSI, my eyes will be at the 29,600 to 29,200 levels, it is crucial to see how it trades there.
At the economic front, more bad news than good. The only reason propping up the market could be rate cut as Bank of England already cut rate. Hence after next Tuesday? If it's factored in, then......
Also on my 4g1r trading system, Semb Marine & UOB has a sell signal caught my eyes.
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
