Tuesday, October 28, 2008

Profits kept inside warm warm pocket for shorts

The strong rebound caught my eye. I promptly took my short profits on HKLand as well as Yanlord. I do not believe the market can go down one straight line to 1200 where i eye the major support. With such a hefty fall, i no believe government will not do anything. Anyway it is good profits and the stocks have tested the support. Now that i have no more trading positions in the market. It's time to identify those resistance levels and ambush the bull. Participate in this rebound? I will only consider if the resistance is broken.

Market expects Ben to cut the rate to below 1%. The impact of the last cut was lukewarm, hence to bring the rate below 1% may or may not be welcomed by the market. The reaction of the market after the cut will be key to determine the next direction.

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