Wednesday, April 29, 2009

Properties in the spot light

Yesterday I saw many properties dived following Nikkei's weak closing and i thought that was it, the first sign of bear in the market. However most of them managed to close near opening.... and today, alot of them appeared in my screening. This sector is surely worth a second look for a couple of reasons:

1. The 20-day MA holds.
2. There are heavy volume in today's trading accompanied with reversal patterns.

It must however has follow through buying... otherwise, could be another trap.

Infact many of the component stocks showed sign of resuming the uptrend. If this is so, the last low should hold as we progress to test the previous high. Next week is May already... and tomorrow is the last trading day. I have got only 2 options: either i go long and hope the bear give me 1 more week to enjoy profit to the upside... or i wait patiently and short at the first pull back or bearish sign in May.
Even the swine flu going around doesn't affect as much as feared.

Crapland: Rebound off 50% Fibo. with good volume. Shortists squaring off escalated the buying?

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