Thursday, December 04, 2008

Technically the stock charts look weak

HL Asia is the only stock that came out from the course strategy screening tonight. But looking at risk/reward, it doesn't favour a short. Hence i am going to give it a miss. I do hope the course graduates can also see that the risk/reward to short HL Asia is poor and thus give it a miss. My main worry is due to greed some of them may just short without considering risk/reward. Screener only picks up technical buy/sell signals, the risk/reward have to be assessed by the trader.

AscendasReits which was picked up by the screening two nights ago came down and closed at the last low of 1.16. From the volume traded, it looks likely that this level will be broken tomorrow and technically we can add to position.

Capitaland is fast becoming a high alert in my head. Somehow it felt like an alarm is going off inside the head. I have to becareful here incase it turns out to be a Descending triangle. How do i get out of this shit? One of the option i am seriously considering is to somersault my long position into a short position. Even the STI looks to be a Descending triangle if we break the last low. Awas to all long positions. If anything, unless we close higher on Friday, otherwise i am quite bearish on the market. The slew of US data will surely rock the market.

As for US stocks, after stopped out of my Amazon, this stock tonight rallied to nearly $50. It further reinforce me to be discipline and never trade without a stop loss. Otherwise tonight i will have to change the featured video to "Lang zi sin sheng".

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