Thursday, July 26, 2007

Ping Biang Pong?

Market not doing too well these days huh? It went down 54 points to close at 3580, below support level. Could see more selling tmr, unless we rebound...but judging from dow now (-110), might not be so possible. Add on the fact that tmr is official profit taking day, Friday :P

Dow dancing cha cha nowadays, go in front 1 step, go back 2 steps. Their subprime problem really creating a hoo haa over there during the already volatile earning seasons. But these kind of explanations are nonsense...if the market is up, they will say subprime not a concern as housing data shown signs of bottom...when market is down, they will say subprime concern lingers in the mind of investors. Everything also they say one, haha :)

But if you seriously think about it, what has subprime there got to do with us here? Will tmr see panic selling within the first 1 hour of market opening, selling everything from construction to marine to oil stocks? If you don't think it's related, there's nothing to be afraid of.

While I was eating dinner around 9 pm at the foodcourt, the auntie gave me a lot of rice and meat and vegetables, all for the same price. That's because they are closing down for the day already. I was thinking, hey, if I eat when others are not eating, I'm getting a bargain. If you've eaten reunion dinner outside at restaurants, you'll find the opposite happening. Firstly you get sucky service and lousier food, and to top it all off, you pay much much more. That's because you're eating when others want to eat too. Be a brave and confident contrarian, my friends.

I think I level 10 in emotional management already. Last last time, I'll be panicking and will be queuing now to sell my stocks first thing in the morning. Now I'm more optimistic when market is down...haha, can go shopping :) When market is all up, then I'll start to feel jittery about when the next correction will be. Pleasant change of mindset :)

I see all the stocks, left right up down, a lot of them had been around the bottom of RSI range. Construction stocks esp (maybe except lianbeng and CES), all are battered down. Wash out contra players? Nobody contra construction stocks when there's no news, it's not as if they rose a lot these days.

Today, one of the few green stocks in my watchlish, Swiber, made an announcement. JP morgan is buying more of swiber. Wonder what effect it'll have tomorrow. Highly dependent on Dow I guess, because broader market condition determines the market sentiment of STI, since we don't have backbone haha :)

The only stocks I'm worried about in my watchlist are CSC and China transcom. CSC had been battered down quite badly, I doubt if there's more selling...Support at 0.395 (ema50days). For china transcom, I bought because of TA, but because of the recent selling, not much TA to talk about. The only thing that prevents me from selling is that ema20 days is such a good support. Hold on first.

Anyway, tmr i'll be out from morning till night, no way I can check the market. Oh, so be it :)

Dow -100 now, Europe a BLOODY BLOODY RED SEA, FTSE (UK stock exchange) dropped 1.73%..most drop within 1-2% (average 1.5% roughly). Monday then worry lah :P