Overnight closing of Dow in negative once again dragged down the morning session. But cool enough, market rallied in the afternoon session and close amazingly in the green suggesting something could be cooking in Dow tonight. True enough, Dow is now up 200 points plus. Honestly speaking, i too was tempted to long some stocks as i could see many candlestick reversal patterns around. Notably in some of the China shares i'm tracking. However i held back. I prefered not to guess a reversal or bottom and just let the price tells me where is it heading. A break above 20 day moving average will be a good sign. Infact there are still a couple of stocks trading above 20dma and some are even on an uptrend. I secretly load up on one last week and despite the plunge, it was unscathed! keke, if all goes well, i will share this stock at my upcoming CTA Graduates Gathering .
It's been more than 1 year since I became the chief trainer and to date, over 1000 graduated from my course. The gathering will serve as a refresher to the techniques taught in the course. It's about time this is done so that they don't lose the momentum and faith. For graduates, a private email will be sent. Look out for it. : )
STI Jan's low held like a rock. Market knew that is the level many are eyeing as crucial. If we breaks that, get ready for another round of hardcore selling. Meanwhile on the weekly chart, we may see a bullish piercing pattern in the making by Friday.
Let me update the HSI chart tomorrow. Currently Dow looks very stable and resilient. However, i do not like the way it's stuck at this level and not making any progress. After sometime, the bulls will get tired and the you-know-who may attack the market again.
Interesting stocks that I'm watching:
CAO, Noble
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
