Sunday, July 12, 2009

Awaiting the mother of all triggers

I find blogging in mandarin getting more and more interesting, now i can write at a much faster speed. It's like re-learning mandarin all over again. Quite fun actually. It gives me a new reason to a second life! haha

The rebound due to the clarification of the tax rule did little to calm nerves in the market. I am wary of a big rebound since we are trading at 50-day ma... however, many charts have since made a lower highs, plus the dreaded bearish crossovers over MAs. I favour downside more than upside from here. Dow was unable to trade back above 8250 and that is a weak sign to me. In the Ang mo charts, one can easily see weakness written all over. All these can reverse if there is a powerful rally that pierce the 20MA... otherwise, so long market is below it, i will stay short.

Frustratingly, STI looked strong.. while many regional markets had fallen...i wonder why our market is keeping up the pretence... one can almost feel the invisible hands at work.. U look at SPH, SMRT and Singtel.. On a day where properties and banks were whacked... these 3 stocks hold the STI up above a key support level at 2245.. Welcome to the stock market! haha The biggest casino in the world man! The no follow through buying caught my eyes... now awaiting the mother of all trigger.

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