Tuesday, April 17, 2007

Bought midas

STI today went down to touch 3400 (around) before rebounding slightly to close +1.17 with rather high volume.

Today is quite an exceptional day unless you are holding STI index stocks. Big rally day for pennies and subpennies, with many many of them breaking their all time high. Jiuitan, midas, swiber, swissco, csc, yongnam...my god, i can't even look fast enough.

While the mood is exceptionally bullish, we must all bare in mind and keep our exuberance in check. Should be U-turning soon after reaching this high. My guess is after April when all the companies have reported their quarter results. The only good news that i can think of during may-july period will be the annoucement of contracts award for marina bay IR and sentosa IR.

I'll stay nimble and vested in construction/property related stocks by then, we'll see.

CSC holdings, yongnam (amongst other construction stocks) are riding the genting sentosa's IR wave. Genting went as high as 1.12 before falling back. As I mentioned, I won't be putting in more money into CSC unless contracts are granted for it. From what I know, CSC should get some contracts for both IR. Rumors are flying, of course.

Swiber went crazy to go up 0.170, closing at 1.62. TP set by JP morgan (1.61) is reached. I think some brokerage should initiate fresh targets for swiber soon. Excellent! My target price of 1.7 should be reached soon enough.

Today I bought midas too. Excellent company with solid management, doing railways I believe. Haha, sorry, no time to read up before I buy as it threatens to breakout of 52 weeks high on exceptionally high volume (3 times more than ave volume). If tmr breaks and close above 1.81, I think it'll sky rocket to $2.00. That's based on flag breakout price objective. Support level at 1.74.

Dow breaking all time high soon, +50 now.

Tmr Yangzhijiang ipo, together with its warrants. Heard temasek got a share of this stock, so whoever got this ipo will see it fly tmr. Gray area 1.20-1.50, ipo price only 0.95. I'll put this on my watchlist now, so tmr can check.