Construction stocks TUA CHEONG today

Today STI went as low as 3512 before rebounding back towards market closing time, ending +32 at 3538. Is the worst over? I really think so. Just have to wait for STI to correct again, but this time dropping a higher low than the previous one and then closing a higher high than today. A very simplistic but powerful higher high higher low will indicate a new uptrend is being formed. Now STI is in transient, so anything can happens.Most notably, it depends on how the fed meeting minutes go. I don't think they will change the rates, but it's their...

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STI bounce off ema50 days...next stop 3450

Wow...STI touching ema50 days at 3490 and rebounded, with higher volume than yesterday. This is after Dow's drop again last night. Late recovery today made it go past 3500 mark to close at 3505.Is the selling done? Hard to say. Based on TA, I can say it's nearly done. Next support level at 3450. Anything lower than that level and we'll have another fresh round of downturn. But I don't see it happening. STI been dropping for 4 consecutive sessions...

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Pac andes Rights open trading today

I was thinking for so long, now I've finally understand how the rights issue for Pac andes work!!I've just been issued 4 lots of Pac andes R (R for rights) in my CDP account because I had 4 lots of pac andes mother shares before their book closure date. Today, Pac andes R began trading and it opens at 0.400. I initially thought it's a good deal because to convert each rights to mother share, I have to fork out $0.52. Since the pac andes R are selling...

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STI below ema20 days; next stop 3490

STI dropped below ema20 days, bad news...but more of that later.Swiber made an announcement today that they are conducting private shares placement exercise to raise a total of S120.4 million, with CIMB-GK as the placement agent, at a price of $2.1748 (representing a discount of 7% to today's close of 2.3385). They wanted to raise the money mainly to expand its fleet of vessels for its offshore marine support services and EPCIC projects, the rest...

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STI might test ema20 days tmr

First the good news...Swiber clinched a US$31 million Letter of Intent to provide offshore installation works in M'sia. This pushes the order book for 2007 to be US$228.3 million. Price for swiber subsequently rose up to around $0.10 before coming to close 0.080 at $2.36. This is good news for swiber as deals kept coming in. Order book for 2007 already exceeds 2006, so this financial year should be even better than last year. Action: Hold long term.Not...

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Weekly action plan - STI support level

Dow dropped 185 points on Fri. More or less, STI will be affected. Plan for next week: Cautious buy on yongnam. Sell if trend gets broken for straits asia resource. The rest put on hold first.I did a chart for yongnam just now and noticed a small ascending triangle that last 1 week or so. Might not be very significant but the decreasing volume whilst inside the triangle seems to suggest that it's likely to see the formation being completed. The...

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Charts charts charts

Chartnexus uploaded today's data already :)Straits asia might have broken out of the rising bear wedge as suggested a few days ago. The signs are all there, low volume while inside the formation, price bouncing up and down within two uptrending and converging channel. Today's the price seems to have broken out of the wedge, although the volume is not strong, it's still valid. I guess it didn't help that CIMB downgraded straits asia with tp of $1.36....

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Warning...warning

Warning...STI 2nd day of distribution. Today STI dropped 24 pts with a volume of 4.5 billion, comparable yesterday's volume. Opens at -18, closed at -24. Most of the stocks fell, ranging from big caps like dbs to penny shares. Looks rather broad based. Dow futures contract stands at -42 now, a good indication that it'll open badly. Next week is the release of housing sales report for US side. Might cause market to be jittery.As chartnexus haven't updated the charts yet, I can't do any analysis now. Maybe i'll do it tonight or Sunday evening. Today...

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Extract from Musicwhiz blog (pac andes rights issue)

This is an extract from Musicwhiz blog (link is on the left side of the column, under blogs). I posted this for my own reference to the important dates and events relating to the rights issue for pac andes.http://sgmusicwhiz.blogspot.com/2007/06/pacific-andes-holdings-rights-issue.html---------------------------------------------------Pacific Andes Holdings - Rights Issue Details and CommentsToday was the day that PAH went Ex-Rights (XR), and the price has adjusted according to the formula (Market Price + Rights Price)/2. In this case, the previous...

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Lian beng, Koh bros, Heeton and KSH consortium won $243 million contract

Hmm, today is such an odd day.STI opens low but closed higher, with 4.5 billion (lower than yesterday's 5.7 billion). Does that mean that the impending downside is halted? Honestly I've never encountered this situation before since I've started to notice the correlation between opening, close and volume to determine if STI is going to reverse trend. My gut feeling is that it's not negated. For further confimation of reversal, I think I'll have to...

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First day for STI distribution

Koh brothers trading halt!Price dropped 3 bids today before the trading halt announced after market close. I think most of the upside had been factored in, as it rose up so much before the halt. Possibly IR news, unless like yongnam got shares placement issues, haha :)Construction stocks mostly dropped, except lianbeng which closed at 0.415. Yongnam drop more I'm even happier (crazier right?), then I'll accumulate. I'll be more realistic, anything...

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Construction stocks sector play

Today most of the construction stocks rallied strongly. All 3 of my construction stocks reached a new level of price, with CSC at 0.415, Yongnam at 0.430 and Lian beng at 0.405. All of them more than broke even (slightly deep in profit) when I bought them in April/May period.Yongnam rose a lot today after goldman sachs released a very positive research report on it. Last Fri's analyst briefing is actually for goldman sachs, hmm.. They raised the target price for yongnam from 0.430 to 0.460, citing high chance of snagging steelwork and strutting...

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C'mon construction stocks!!

World market rallied today, with HSI surging by 565 pts!! STI did rather well too, breaking record high to close up 44 points at 3623.Swiber finally took a breather today after rising from 1.87 all the way to 2.34 in a span of a few days. Was quite strong this morning with intraday high of 2.43 but closed just slightly positive at 2.39 today. First sign of distribution where we have strong start but weak finish. It's okay, must retrace a bit before we can go higher, like this is healthier and more sustainable.I thought CSC can go past the 0.410...

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Weekend reflection

I've checked the charts.Initially I wanted to sell off CH offshore. But i realised I might be doing what I did in the past, which is to sell off my winners and hold onto my losers. Should let the winners ride and cutting off losers.Target price for CHoffshore is 0.775Support level at 0.67, then 0.645Let's see how the flag target can be reached. Indicators seem to be able to support that flag target.CSC had a rather interesting charts. On bullish...

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Swiber and straits asia broke out

Dow was up 187 points, bringing STI and the rest of the bourses up too. STI did pretty well, up 30 points when it opened to close at +22. Seems like 3600 is a pretty strong resistance as STI refuses to head anywhere near that region. That's always a bad thing because if it can't go up, it will go down. Fri being the usual profit taking day, might see STI going down. Unless there are major things happening macrowise, I don't think STI will go down by a lot.Swiber gapped up to close at 13.9% after brokerage research raised the target price for Swiber...

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So many counters broke out

It's a coincidence or what?I just mentioned the construction stocks are poised for a breakout, and today we see all of them broke out with super high volume. Yongnam beats everyone hands down, with record volume of 0.21 billion! As I said, once yongnam broke out of 0.38 with high volume, we can be sure of more upside. It closed today at 0.425, up 14.9%.The other one I mentioned was Lianbeng, also broke out of ascending triangle with high volume. Should be able to see more upside over the next few days. Let's see if it can hit the target of 0.41...

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STI up 16 pts (3 billion transactions)

STI closed at 3560 with lower volume than yesterday (3 billion opposed to 4 billion plus transactions), near the resistance level that I'm talking about. Critical point now:1) If we break above 3600, a new uptrend will be formed.2) If we break below 3480, downtrend resumes.(I'm talking about a timeframe of 2-3 weeks)Lian Beng broke out of bullish ascending triangle formation with high volume. I'm only afraid that the breakout will result in failure,...

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STI 3400 DBePW071031: 5 lots at 0.355

I can't buy STI puts because I can't monitor them actively for the next 3 trading sessions. As such, it's too risky for me to actually buy. I'll just do a paper trade to learn it anywhere. Of course, the learning will be more diluted because it's sort of fake.I saw DOW opening high but closing neutral yesterday, a sign of distribution already. I expect STI to follow too. Went back to look at charts and noticed a resistance level around 3560. Intraday...

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New level in trading psychology

I think i've reached another level in trading psychology.Somehow today I wasn't feeling too excited. This is a stark contrast because in the past, after a period of downturn, a upday like today would make me excited and all ready to buy. But I wasn't excited at all. In fact, I just stop monitoring after some time because there isn't anything left for me to buy.Why do I call it a new level in trading psychology? This is exactly the kind of contrarian...

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Ping Biang Pong *market crashes*

Cosco cosco...what the hell, won US 525 million contract, then awarded another US 699 million contract - that's a total of US 1 billion! Really a powerhouse! No wonder the stock kept rallying since yesterday, even through this super down day. No fair right? Insider trading again. It looks like the oil rig business doing extremely well. This would last a few years. I've got a couple of oil stocks - swiber and CH offshore, even straits asia resource is going to venture into it.STI dropped 1.5%, still okay lah. My counters didn't drop much, quite...

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Watch out for Dow...hope it stay stable and above 13,440!!

What a good showing by STI! In the morning, it was down like 30 over pts, dangerously close to support level. But by mid morning till closing, it rose and rose, eventually closing at -17 pts. This is the weird part: there's more gainers than losers!From my watchlist, I saw so many breakouts from high...a bit crazy huh? Cosco is one crazy horse, rallying up 0.210 to close at 2.96! Oh...to think I had no confidence in this when it was around 2.6 something....

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Watch out tmr, STI support at 3525

Market opened high but closed down negative for 2nd consecutive day, with heavier volume than previous days (for both of the 2 down days).I think i'm beginning to see market distribution for STI already. When STI is going up and up, volume should expand in a bull market. Suddenly one day, STI would open high but close neutral or slightly negative with equal or heavier volume than previous day. This distribution phase might carry on for 2 to 3 days,...

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Chapter 3

Chapter 3 of intelligent investor is, in my opinion, the most boring so far. It talks about past history of Dow, describing the meteoric rise and fall of the index. Again, in his trademark carefulness, he warns of buying more after the price went up. The worst reason to buy a stock is because the price went up, didn't buffet warned us that before?Graham went on to talk about the dangers of being overconfident in forecasting. Well, nothing is for sure until it had happened. It happened to me quite often in my trading history too. I was so sure...

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I'm back!

Sorry for being Missing In Action :)Haven't been actively monitoring market for some time, so I'm a bit lost. I'm just happy that Shanghai bubble had been burst for the time being after China increased stamp duty. The big bad crash wouldn't come for the next few months, I'm sure.I saw on TV mobile that China might put some investor friendly policy. I've got no details on that, but could it be the reason why we see a good rebound from Shanghai today?My...

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Construction funds :)

Below is the extract headlines of THE EDGE magazine. Listed down those construction stocks (speculative in nature, take note!) that might see a rise in price within 2 months.Have money buy do buy all and put it as construction mutual funds :) Maybe we should pool money to buy, haha! Hmm, noticed they didn't put down Lian Beng :) Vested in 3 of the construction stocks.MARINA BAY CONTRACTS : FUEL CONSTRUCTION RALLY (Page 17).UPDATE :BBR HOLDINGS - Has an outside chance of getting a sub-contract.CSC HOLDINGS - Awarded $240 Million contract by Marina...

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Dow intraday analysis (part 2)

Hmm, I was wrong, a bit :)Dow did break out of the descending triangle on the downside around 1 pm, but as I mentioned, the volume when it broke out is not high. This means the selling pressure is not strong. I also mentioned that other technical indicators suggest that further downside is limited and upside is more probable. Immediately after breaking out, Dow tested the support turned resistance line around 13,640 twice (as shown by the white...

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Intraday closing analysis of Dow (part 1)

Okay, break out on the downside faster than i thought.The breakout on the down side is not accompanied by surging volume though, but it didn't matter. After breaking down below the support line, it went up to test the new support turned resistance line. It didn't break through it (currently testing the resistance line again).So scenario 2 (in previous post) turns out to be true, as expected of this type of formation.But I didn't like is the volume,...

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Intraday analysis of Dow

Ever since I washed my hands off warrants, I seldom do on the spot technical training since. Time to try it :)Above shows the TA intraday chart for Dow. Let's make some analysis.It shows a descending triangle, accompanied by decreasing volume (slightly). It's a bearish formation, with lower highs and almost the same lows. The two converging trendlines will meet somewhere before 2pm. But then, we should see 2 possible scenarios:1. The price break...

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STI up 37.19

STI bounced back with a vengeance today, closing 3548.32 with +37.19 from previous close. Not safe yet, must see a higher high and high low before we can conclude that a new trend is in place. Most of the stocks rallied (except mine!). Okay lah, every dog has its day. Straits asia went high today while swiber gets closer to my support level. If swiber hits 1.62 and rebound, I might enter another batch. I might do a detailed TA on this again. It's an important decision as I'm holding 10 lots of this a rather low average price of 1.29.I was alerted...

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