*stretch the hands* woah... long time no blog.. as some of you might have already known, i was away to ChartNexus KL office for a few days. Though my body was in KL, my soul was at home and my mind was on the stock market. keke
On Tuesday when the market tanks, i wasn't ard my desk to build up more shorts. Rather on Wednesday where there was a slight rebound, i covered my Cosco and shorted one more HSI. My rationale was; I still have my NOL and UOL shorts, if i take up additional short positions, then i am actually increasing my risk. Also, i see Singapore market no up. It seems like recently it is fast becoming a useless market where global markets rebound, we only farted, but when global markets sell off, we go down as hiong as the worst. Hence i rather stick with my local stocks shorts. As for HSI, last week when the rebound actually reversed near a support turned resistance. Hence my thought is, if it really wants to cheong higher, that was the best time to take out the high. Hence on Wednesday when HSI rebound to 13k, i added one more short. My view is, it should close lower on Friday.
To short after a support has been broken is always a risky thing to do. This is because the market can squeeze you. Hence it is advisable to sell at the high. Follow the notion Buy low, sell high. When we want to long, we buy at the low, when we want to short, we sell at the high. If you do this, you will realise you have a margin of safety.
Tomorrow night is known as the triple witching over at US market and expect a volatile session. Those who likes to be night owl can trade the night session to earn some pocket money. haha Weekly charts of most indices look to have more room to fall. I may look to cover NOL and go for a financial stock if we have an intra-day rebound.
The market may not plunge again so soon. How i know? It's because often time, i have to make my money the hard way. Many a time, whenever i risk my profits for major movement, it never came. Hence as i am still holding to 3 short positions, i doubt the market will plunge... keke
DISCLAIMER: The contents in this website are for fun reading and must not be taken as a buy or sell advice. You must do your own analysis on top of my postings. By reading this blog, you agreed that i am not responsible for your trading.
