Thursday, April 19, 2007

STI fell 109 points

Humpty dumpty had a great fall today.

China postponed its GDP to after market close, so speculators are thinking that perhaps the GDP is too high so the govt will impose interest rate hike or whatever means it can to curb the excessive economic heating. Apparently, this action is supposed to stop the market from crashing but well, it still happens. If i remember the last 2 interest rates hike, it drop, but it rose to even greater heights.

Setting this aside, STI dropped 109 points to go below my support of 3300. That's not a good sign. What we have now is a double top, a bearish market reversal sign. What's more is that 3300 falls below 20days ema. Haha, but i'm not worried at all, don't know why. I think i already anticipated this, so what's another 100 points fall. In fact, I think correction is almost done. Remember, to climb up at 40 storied building is longer and slower than to fall from the same building.

Next support for sti is 3230, and this time I don't expect this to give way.

Seldom do we can to see the world index giving all red. Haha, so here it is, take a good look!

I sold off midas already, lost 460. Today quite unlucky also, trying to catch china energy when it brokeout, but had to cut after sti tumbled, lost another 300. Hmm, but overall still gain because my of swiber. All breakout will fail today because of the bigger market sentiment.

I bought 5 lots of yongnam today at 0.345, even though there's major selldown. Very confident of this counter. Imagine everyone people is selling, but this counter still turns positive. Goldman sachs initiates call buy for yongnam with TP of 0.44, today closed at 0.50. I'm keeping this for medium to long term, so I won't sell this off. No support level for this. Similar for CSC, if there's contract win, I'll buy more, otherwise that's it for now.

Swiber dropped 0.110, quite heavily though on low volume. It's okay, still far from my average buy price of 1.29. I'm going to hold this for medium term too, because today they released a report saying that opened a branch office in Brunei. I like it that they are trying to gain a foothold in brunei, so they can secure more contracts. Excellent business i must say.

Actually looking for good bargains to hold. Wilmar is coming back again, hahah, so is cosco. Continue dropping and I'll sell off longcheer to finance the purchase. Haha! Longcheer dropped, no hope already.

Wilmar - aiming around 2.87, where the gap is. Preferably around 2.62, with support and fibo 61.8% retracement zone. Haha, but that's a bit too far from today's close of 2.98, we'll see.

Dow doing pretty well, -25 only. Haha, might see an early recovery tomorow, though I doubt it.