I was caught by surprise when Dow finishes up so strongly. Never estimate the power of "intervention". With the latest Paulson move, market cheered even a small bounce in ISM. Yeah, maybe afterall the recession is just a scare. The writedown of UBS was largely ignored "tabi" for the intraday sell down yesterday afternoon. Yes! I went to short YZJ. To my dismay, in less than 1 hour i have to eat the humble pie and cut loss. But luckily I cut, otherwise today my face sure go red!
Now that the 3000 resistance is convincingly broken and that too of the 3100. It's time market takes a breather. It is this breather where I will be watching for how well the selling is absorbed. As for last week til today, the selling in intra-day was often absorbed and market pushed higher. What about the fund dressing?? Aren't they going to undress? I shall not let this handicap my analysis, it is better for me to be objective.
Last week i screened and saw many stocks trading at resistance. If it is bearish, the stocks would have went down from there. By breaking through, the underlying market tone could have changed. In terms of market psychology, i'm pretty sure many of the retailers are not heavily vested in this run-up and this cautiousness may augers well for further upside as money can still flow into the stock market.
When bad news is ignored, looks like market don't wanna go down. Let us look at the next market moving news or data. I be still looking to short, my eye is on how Dow takes the resistance 12,700. Right now on the 30mins chart, i can see bearish divergence liao!
Banks are super today with powerful gap up. Now it has a big gap to fill... the coming down may be very painful. Properties are also strong as i can see many stocks appearing in my screening. China shares closed weaker after HSI pulls off a late stunt. I am still interested in the short side for now and will wait for my signals to appear.
Do allow me to complain abit about life, really want to write it out to vent frustrations...... Time... it seems like my new life doesn't leave me with enough time. Today is a rare day where i can blog and do homework at 8pm! Just like the good old days. Otherwise, homework is done late at night and after the analysis i am too exhausted to post anything. I don't like this at all because i know this blog is widely followed and I feel unhappy to not able to share the know-how to beginners who would like to learn trading. I for one really believes that trading is a life skill and it is the only insurance against retrenchment and to this day i never forget that it is this fear that has driven me to take this path. Although it's been 4 months and i'm still trying to strike a balance between business, family and trading.... i'm sure one day everything will fall in place... I don't remember giving up trading when i was a loser and it's the same perseverance that saw me through. looooon ah!!
By the way, whoever wants to go Bedok camp for RT, we can all go together liao coz' i sprained my knee during shuttle run and couldn't run the 2.4km and the dateline is next week. This time confirm tio RT.... haha Not bad la, i see people do RT, majam relac one corner... we all can discuss stocks ma! hahaha
DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.
