Tuesday, September 15, 2009

Market Tangos Sideway

Market continues to tango sideway with the exception of Property sector still as weak. The morning gap up couldn't sustain and there was no catalyst to spark the sell-off as yet. I couldn't believe my luck when i saw that HSI will resume trading only in the afternoon. Indeed it is a grim reminder to myself to tone down and not be too agressive in trading. Why no typhoon recently and so coincident ah? I opened a position and there u go, HSI morning session closed.

Anyway i am sticking to my short for now as 21k looks to be selling off everytime we trade there. Is it luring shortists? ot is it ready to kill longists? Market seems to be waiting for some news.. the better than expected US retail sales couldn't spark a rally... i need a set of bad jobs data for now on Thursday.. :P

StraitsAsia: MTL level coming up... my idea is to fade the breakout. If wrong, wait for a natural reaction before somersault to long. This is because, after 6 months of non stop rally, market should take a breather by a brutal correction to wash out weak holders. The situation now is, alot of people are adopting a buy and hope style - "When retrace, no problem it will go up"... with more and more such market participants, soon the supply of buyers will dry up as many are vested. Without buyers, the rally can't sustain.

C2O: This one for the brave hearted. With only 2 trading weeks, the volume already looked set to zoom past the previous week's. Either i long at breakout or at weakness i sapu 1st batch and add on upon breakout. Stop loss got to be tight as this stock is obviously CK kind of stock... last one to hold the baby when the music stops lose.... cruelty of such plays.

Another stock worth mentioning will be Chemoil.. This one i like the volume and price behaviour..however i feel it may be nearing it's end soon. Every push has a target price, we as the under privileged will not know. But based on chart, it is still easy to identify entries. Again, this kind of stock, cannot be stubborn when the music stops. If you look at it's chart, it is easy to notice that every big volume days brings about retracement before another push up.

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