Wednesday, April 18, 2007

Why didn't midas breakout? C'mon

STI down by 14 points today. For today and the past few days, 3400 seems a strong support. STI always bounces back upon touching 3400 intraday. But having tested support for 3 to 4 times, I think run out of steam already. If 3400 broken, next level should be around 3300.

Swiber continued the surge upwards after pulling back to 1.56 before closing +0.030 to 1.65. I lost count how many consecutive days this stock rush upwards already. Should be hitting target of 1.70 soon, perhaps early next week. I expect more profit taking for this stock as I see selling pressure starts to increase.

CSC holdings still doing well. BBR halt trading, contract awarded?? Yongnam, on hindsight looks to be a better bet. Yongnam have ventures in middle east too, so I thought that's a good way to diversify the cyclical nature of construction industry in singapore. Hmm...CSC and yongnam playing catchup. I might get yongnam when I'm a bit lighter with my portfolio, too many to handle.

Midas doesn't look too good. 1.76 now, after dropping another 0.010 today. My contra due date is coming on Fri and I don't intend to keep this. Hope to sell off as soon as possible.

I personally hope it'll be like jiutian. These two stocks breakout on the same day. Midas seems the more probable one to breakout with high volume, but in the end, it's jiutian who finally emerged the winner. Jiutian gained 0.12 after breaking out of 2.33 to close at 2.45. Let's hope midas do the same too. But if it drops touch 1.74, I'll cut loss. No point holding onto hope. Technicals is like that lah, it's all about probabilities. But sometimes even with 0.01 probability, it can still happen.

YangZhijiang, haha, ipo fever. Generates 12.4% of market volume for the whole of today. IPO price is 0.95, close at 1.34. Now is not the time to enter, I saw how furious the selling goes. Maybe if really want is have to wait for it to pullback first. Let all the weaker holders sell, then this stock can realise it's potential.

I woke up early to see this in action, not too bad. It's not everytime you can get to see a hot ipo in action, so it'll be good to see how it turns out, how the buying and selling action is, AND HOW NOT TO BUY THE FIRST THING IN THE MORNING WHEN IT OPENS. That's bolded because it's very impt. Fastest way to lose money.

Dow is +10 now, Europe mostly red.