Tuesday, May 20, 2008

HSI pulls down the curtains

Weakness all day long. It isn't the kind of day i expected after a strong performance by DJ overnight. HSI strangely was shot down at the opening bell and throughout the day remains weak. It drags our market down along with it. The most "sian" part is how my stocks came under fire. I have loaded up to 5 stocks by last Friday anticipating a strong week ahead. My anticipation of the market direction is wrong.

A screen at the market reveal many shooting stars wannabes and i saw agri-culture stocks hogging the headlines after the strong surge by oil. STI barely survives the 20DMA support.

From here, i will start to observe dojis at support level to ascertain this is just a normal retracement. Otherwise, this is indeed not good news for my portfolio and i will start to look at shorting candidate. ST-Engrg is my top pick to go down if it's current support at 3.16 gives way.

DISCLAIMER: This is not an inducement to buy or sell. You should do your own analysis on top of my postings.