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 I did my first trade since 22-May. It had been a month since I decided to do nothing and just watch the stocks and learn. Today, I sold off my Genting at $1.02. I bought at $1, 5 lots on 5-May. I bought Genting then because it was threatening to break out with high volume, got duped and faithfully held on the shares as it went down to sub 90 cents. Recently it went up again to around 1.05 but did not close there. I don't like the action of genting.

After breaking out with high volume, there's no follow through. At most it's a weak breakout, if not a false one even. Today there's just no strength in the counter, went up to $1.030 and close at $1 again for the second day. To me that's a possible sign of reversal. I'm not going to take my chances and ride it out with genting again because the capital lock up (slightly more than 5k) is substantial to me. I might as well put it in poem MMF and earn a rather risk free $10 interest for one month with my 5k. I also entered at a high and the price tested my buy in price too many times for me to be comfortable holding it without worrying. Hence, I sold it to lock in a rather small 0.83% profit.

I'll be looking to enter genting again at a lower and safer price in order to have a good margin of safety. Genting is not a punting stock, you either believe in the casino and buy and hold for long term, or you simply don't look at it. My ideal price to enter? Less than 90 cents (my wishful thinking), haha!

Portfolio losses closed this week at 11k, after taking into account pac andes rights issue.

Dow futures now -60..gasps...Europe all a sea of red.