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 outlook that investors worldwide are looking at. Will they increase rates towards end of year? Will they lower the rates because inflation is controlled? Well, we'll know by 4pm when Dow closes, haha :)

Today must be construction stocks day. Yongnam rose up to 52 weeks high of 0.510, with very high volume. I saw trades in terms of millions, 4 million, 6 million even 7 million buyups around 4 pm removed all the resistance. I wonder what's the big thing about yongnam today? Contracts won? No announcement leh...unless tmr they go trading halt, then ho say already :)

Most likely yongnam will reach flag target of 0.515 tmr, possibly even exceeding it. The ultimate target price of yongnam is set by CIMB at 0.610. Well, all depends on whether there is contract win announced. I already assumed yongnam had a super high chance of winning the steel works for both IR already (goldman sachs mentioned as high as 70% contracts because yongnam is the biggest in this area in the region). If tmr trading halt, price will run like mad when it opens. Probably will drop like CSC too, build base then run again. But too much soothsaying already, let's go one step at a time.

As yongnam went up, the other construction stocks also rallied. CSC close at 52 weeks high of 0.430 on high volume too. Seriously, I hope CSC run up more than yongnam (for selfish reasons, haha, cos I own more of CSC). Lian beng didn't break all time high, but it's inching up towards all time high of 0.450...just a matter of time.

Pac andes went as low at 0.885...I hope it goes to 0.870, haha, then i'll accumulate. 0.890 still risky to me, given the market sentiment. I'll probably going to regret this, haha!

Actually the one I'm most worried about isn't pac andes, it's straits asia. Closed at 1.41 (ema20 days) already, drop anymore will trigger people to sell. Not sure what the charts tell me, looks like channel trending. If so, might go lower as the lower trendline is around 1.34. That's extremely bad! I hope some white knight BB come and save it!

My blog getting more and more people visitng. Now already have 60 visitors already, where in the past there's only 15. Must be some advertising I did over at cna forum. Well, for newcomers, I do hope you'll find my post useful (I find it very useful myself). Blogging down your journal in trading/investing is the fastest way to learn. You get to grow your confidence and let others see your opinions. Haha, enough already, need to pack my bags cos I'm going over to Batam from tmr till this sunday. Will be back on sunday to do some charts and plot my course of action for the next week. Hope when I come back Yongnam cheong to 60 cts!!

Dow go up go down (now -14), probably waiting for fed meeting minutes to be out. Till then, shouldn't see any action. Europe all green.