Sunday, December 09, 2007

Pull backs


China central bank raises bank reserve ratio by 1 percentage point - UPDATE
December 08, 2007: 04:39 AM EST

Now I know why the sudden dip in HSI on Friday. As usual, price always move before news. This is so classic. On the chart, HSI failed right at resistance. After the holidays I am looking for trades. This should be my own greed and gambling addiction. I feel so uncomfortable not having any vested interest in the market. I looked at stocks, but to me it seems like not a good time to get vested in stocks as of now. I screened and my system yielded no stocks. Remembering what Jesse Livermore said, "There is a time to buy, a time to sell and also a time to stand aside." By focussing on HSI, I want to be able to form an opinion on it's direction to trade. HSI should be supported at 27,500 thereabts. Even Dow Jones look rip for a pull back first. Same for STI. Recalling what I read about astrology analysis, 22nd Dec has a major turn date. It will be useful to track the movement up to that date. So long we don't pull to a lower low, i'm still optimistic.

Over at Singapore side, there are a couple of stocks look to be forming the classic short term price pattern. Monday should be another mixed day since Tuesday is the FOMC meeting.

By the way, I will be speaking at SGX Auditorium on Wednesday titled Trading Strategies Explained. This short seminar will introduce my style of interpreting MacD Histogram and find entries from uptrending stock or short sell in downtrending stock. What's more, we can use XPertTrader to automatically screen for the signals effortlessly. Saving precious evening time.
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.