Dow broke resistance and closed at all time high last night, quite shocked to see it rallied up 280 plus points. I though the rally would cause STI to cheong, but the buying didn't impress me much. It opened up high but steadily decreases throughout the day. Most of my counters rose up in the morning but dropped neutral or slightly positive. Volume for STI was 4.1 billion, slightly more than yesterday.
Could be Friday, so profit taking on hot counters are usual. Yongnam fell 0.015 to close at 0.530. Goldman sachs issued a downgrade on yongnam from buy to neutral, citing its overvalued price while fundamentals remain unchanged. Target price was lifted from 0.46 to 0.54 though. Below is the news extract:
0133 GMT [Dow Jones] STOCK CALL: Goldman Sachs downgrades Yongnam Holdings (Y02.SG) to Neutral from Buy, removes from Asia Pacific Buy List; considers stock to be fairly valued at current levels though share price strength likely to continue next few months against backdrop of buoyant demand in overall sector and expected contract announcements. Lifts target to S$0.54 from S$0.46; says downgrade on valuation grounds as solid fundamentals unchanged. Stock flat at S$0.545 in heavy volume.(JEM)
In the morning, swiber really rallied up to intraday high of 3.520 but closed weaker at 3.34, otherwise I really huat! Good for price to consolidate a while and let more people jump into this powerhouse, so the price would rise even more.
Construction stocks all like want to die like that, haha :) But it's okay lah, just ride the wave, if things go wrong, I'll take profit and run first.
I'll do a more detailed defense lines for my counters on sunday, together with more action plan next week. Since I sold yellow page, I felt much happier cos my portfolio is trimmed. Look forward to more selling next week.
My portfolio is now in the green :) Thanks for all the wellwishers, I appreciate that! Quite happy to announce that my profits are now a small but healthy $870 :) Hope no more big losses to come! Have a great weekend ahead :)
Dow +36, europe only 1 red.
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