Wednesday, April 04, 2007

Dow up 128 pts

No need to argue with the market.

Yesterday I saw dow cheong up so much on released data that the subprime woes might not be so bad afterall. Add to that the news that oil price came down a little, and viola! we have dow rising up to 128 points.

Of course asia markets will follow this big brother. Everyone cheong up, with STI closing at record high of 3332, a gain of 44 points. Volume is a respectable 2.4 million. I queued to buy swiber again at 1.34, 5 lots and got it. Swiber closed at 1.35, with intraday high of 1.40. Huge buy ups for this counter.

Is it stupid to buy at 1.31 last week, to sell at 1.34 earlier this week, before buying back at 1.34 again? I lose some brokerage this way but it's still worth it because the conditions had changed. Early part of this week, we saw a slew of bad news like possible war on iran, rising oil price and subprime woes in US. But now, with released data on subprime problems subsiding and Iran to release the sailors to UK, I think we're set for another bull run. Basically I'm protecting my profits and preventing it eroding my already big losses.

This bull run in STI should be quite strong, since we broke out of a wedge on the daily charts with rather high volume. Today we've reached high of 3330, the level before the selloff this year. We should break new ground sometime next week before consolidation. Tmr might see profit taking (already seen it later part of today) given the long weekend and good run-up to date.

Cosco gained some ground after some good news. I still won't buy it now because the charts are not favourable. I'm still waiting for my target of 2.77/2.78.

My losses now stand at 24.6 k, way off my high of nearly 30k. Slowly and surely, I'll get it back, like what I did when I regained back my 18k lost last year.

Dow is now +10, for europe markets - a good part of it is green. I think tmr STI should drop a little or stay neutral. As long as it does not negate today's gain, all is well. What's the chances of it dropping 44 points tmr? haha

-some good news for construction stocks, myanmar going to supply us with new sand after indonesia banned it

-genting upgraded by ang mo brokerage macquarie (or something like that) to 1.57, that explains today's run up. If that's accurate, we're talking about a potential gain of *gasps* 50%!

-new century (i think), a subprime lender in US declared bankrupt. That's an indication of how bad the housing loan problem is for US

People, anyone got impt news that you think everyone should know, do post it in the chatbox, ya?

~edited some wrong info (i bolded the edited bits), sorry! too tired last night to check the validity of the info that floods my mind everyday