Monday, June 22, 2009

Late sell-off

I thought my gut feel proved itself when market got off to a roaring start in the morning and early afternoon. Alas, market shows that it takes more than gut feel to make money off it. I read with interest my post last night on how i refused to trade on my gut feel... indeed it pays to follow the market instead of placing my bets on where it will trade. Livermore said, "Ask not where the market is going, but ask what you will do when the market gets there". Very wise words. It had helped me at times when i feel confused about the market just like now. Ming ming it looks like it's going higher, but why the nasty late sell off? What am i missing here? The volume again in today's sell off is light which means to me, less significant.

Fed's meeting may turn out to be a non event unless he really do the impossible: hike the rate. All other econs data may just be the excuse to move higher. Nan dao, market consolidates first and leave some room to cheong once data confirm the strength of the economy?

Really is bo li you....

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