Monday, June 16, 2008

Money in the pocket is mine

My last observation on the market tells me we may not see lower. As such, i promptly took my profits off capland shorts. There wasn't any fear in the market to add fuel to the fire which is shorting in this case. With a falling window yet to be closed, i reckon the rebound may take me back to at least $6. My options were clear, do i want to keep the profits in the pocket and declare it is my money? Or do i want to leave it on the table to ride out the rebound? Doesn't it makes more sense for me to take my profit and then re-look to short? I choose the latter. UN wants Saudi to increase output. There are risks to the upside. Especially Dow's sterling performance on Friday due to tame reading on inflation. Also, many of the oscillators were oversold..indicating a rebound may be coming.

Another reason for me to take my profit is the loss suffered last month where i went full long at the wrong time. Slowly but surely, i will accumulate my profits.

STI has a big gap from 3146 to 3085 to fill. Also, let us not forget the earning season will kick off in July. Also watch the last week of June for the fund dressing. US side, tomorrow night will have econs data again. PPI.

XPertTrader Screening
Banyan Tree
Celestial (Bullish harami) + 50MA support The only thing i don't like is, S-shares may not be in play

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