Wednesday, June 20, 2007

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 less than 0.405 I'll consider accumulating. 0.405 is the short term support level.

Straits asia powered up to close at 1.650 (+0.110). This one daily chart got some problems. I see a bearish rising wedge with low volume. Other indicators seem to support the bearish outlook for this stock too. I'll do a more detailed analysis this weekend before I decide to abandon ship and lock in my profits first. This will be on my alert list.

Pac andes dropped around 30% after it went XR today. Before XR, it was trading at 1.41. Theoretical price after XR should be 0.5(1.41+0.52)= 0.965. It was hovering around that level in the morning before shooting up to close at $1.040 (intraday high of 1.050). The response after XR was better than I thought :)

With today's closing price of 1.040, that is equivalent to a pre-rights price of $1.56. Increase of 10.6% from yesterday's close!! I'm still waiting for their rights offer to be sent to me. I'll post it here as a reference so that next time if I got any rights offer again, I can refer to it here to get a general idea of what's going to happen.

What's exciting was that Genting also rose :) That was rather unexpected. I posted on the chatbox that it'll be good for it to close around 1.05 and it did close at 1.04. A genuine breakout by genting at last, after so many false ones. I broke even on this counter already (at last) and I'm thinking of selling it on strength. But the weekly chart is too good already. 4 red 1 green histogram. I'll wait till end of this week to decide.

Genting must watch carefully. A bad history of false breakouts makes this stock very volatile. But I believe this time it's real because of the huge volume on breakout. Further, bollinger band tightening on daily charts makes it highly likely that the final movement after breakout is a huge one. I'll be hoping to see it clear 1.10 resistance level first, then hopefully 1.20.

CH offshore also did pretty well. My flag target is 0.775. Previous posting, I mentioned that I'm not sure I calculated it correctly because it's so far from the price then. Today this stock showed me it's possible. Intraday high went to 0.770 before retracing to 0.740. I'll still hold on. The price that I paid for this stock (0.665) is a rather safe price. I might not be able to get at that price again for a long time.

Amara went up further, even gapping up. Sian, missed this completely because I wasn't around. Never mind lah, still got chance to enter other stocks :)

STI opens high, close neutral, with greater volume than yesterday. First day of distribution started. I give it at most two days, STI would retrace already. There's only a stock that I need to worry about, and that's genting. If genting takes off, I'll worry the rest next week, no need to gan cheong because I believe overall trend is still up. It's healthy to retrace so we can move up to 4200 by end of this year, hahah! Time for shopping :)

Too bad next 2 days I won't be around. I'm quite sure PW is a good bet. But then again, who knows? My warrant skills suck big time.

Dow jones up 25, europe all green.

Happy to announce that my portfolio losses hit 10.8k! (after taking into acct my new rights shares for pac andes at today's closing) What's really happy for me is that all my 9 stocks have turned positive, except yellow page :) My current portfolio returns is 37% on average, much much better than last year. Of course, without my losses I would have earned a decent profit already. But oh well, without these lessons, I wouldn't have become who I am today. Let's keep this up and I'll hit the magical 10k mark losses soon!