I had expected the market to stay afloat and not heading anywhere or even slightly lower. But the selling was pretty strong today and caught me by surprise. Not that i am complaining too much because i have a HSI short. But what irks me is when i am not in tune with market. Once I am anticipating the market correctly, then only would i hoot tua tua. Otherwise i will continue to grind the profits.
Monday started weaker than expected and now Nikkei is firmly below 8k again and Dow too broke 8k... FTSE fighting hard to stay afloat 4k and STI.... 1700 points looks hard to defend. However, unless a big negative news hit the street, otherwise i don't see any big sell off coming. Obviously while the US econs data were bad, i can see that the market isn't reacting to that. Rather it is waiting for positive news flow about the contents of the bailout plan. Eureka! Market is looking for a positive news to rally. Since it mai lo, surely it means it is going to ki?
The support-turn-resistance neckline on HSI works like magic as my short swung deep in the money today. I am still keeping it unless proven wrong by market. Meanwhile, i will be looking at any clues that may suggest i shouldn't be a bear.
Comfortdelgro: The taxi may run out of gas as it hits into resistance and is near the MTL level, 1.38. However Taxi is known to be slow.. hence if i go short, i may have to wait for some time before i can see profits... continue to ponder...
F&N: Another stock which is near MTL level... 2.72 should be the level to watch. If broken, i think 2.20 akan datang. The average traded volume of 2.2 mil should qualify this stock as slow. If the market lacks interest in this stock, then the movement will be slow... continue to ponder...
IndoAgri: It has hit resistance and offers an excellent risk to reward trade based on current price. My only concern is if OPEC cuts production, it may spur a rally in palm oil related counters. Indices at current levels offer little incentive to add to my shorts because i suspect it may bounce off support instead of crashing through it.
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