Monday, March 09, 2009

Waiting for the rebound

HSI closed 11,400s.... NOL at lower end of $1.... Remember i closed both last week... If i look at HSI, i have no qualms about missing the extra 600 points. This is because Ah Seng and me are long time friend and i know after breaking the support level, usually there will be a retest as a resistance. I used to find CS reversals around here, especially if there is a gap. Like i said last night, i rather wait for highs to short rather than short after support broke. Let's see if i am right by mid-week and how high the rebound may go. But as for NOL.... really is #@$@#%#@$%#$ wahahaha

Finally STI broke the 52-week low and the same may go for Nikkei and HSI. At this juncture, we may head lower and then a rebound may come. This level is closely watched and may trigger massive selling.... maybe even the most ardent F.A investor may throw in the towel. Technically when such a support breaks, it threatens more downside but the rebound can be equally strong. That's why i opt to observe from a distance. We are already in the middle of a move. Any trades now i will be looking for quickies. The current price levels are too low for trend riding.


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