Monday, July 30, 2007

STI rebound with low volume (up 0.96%)

Oh tired...

STI did a splendid rebound, rising 30 over points to close at 3526, with very low volume of 2.8 billion (not a good sign). The worst is not over yet. We have to see how the retracement is like after this rebound. If it goes below the previous low, the downtrend is not broken yet. Let's monitor the situation further.

My watchlist doesn't seem to enjoy much of a rebound. Construction stocks carried on its downtrend, with the exception of Chip eng seng, which announced trading halt after market close. No idea what's the announcement will be, and no point guessing given the bad market sentiment.

Pac andes broke out of descending triangle, so for the short term, it will carry on its downtrend, perhaps finding support at 0.755 (23.6% fibo retracement). I'm not worried about pac andes at all. HK pac andes announced results today and they had quite a good results with low PE. Be confident of this...just like fish you bought from the market, put it in the freezer and be ready to cook it during celebrative times :)

CHoffshore had a strong day today, with huge buyups, and intraday high of 1.050 breakiing it's all time high. I wonder what's the news about this? Haha, but I sold it already, not looking to buy it back in the short term.

Swiber made an announcement that its executive chairman reduced his stack in the company by selling in the open market on 19th July, way way before the big crash. Coincidence? Hmm... Swiber is still very strong.

Was recommended to this stock GK Goh. Might want to enter when it hits my entry point, which I set at 2 levels.

First is at 1.22 (weak support, though it's 23.6% fibo retracement). A better entry is 1.18, but is it too much to ask for? Looking at the indicators, might be reaching oversold region soon, so perhaps 1.22 is a good entry. Going to put it in my watchlist to monitor first.

Dow +30, europe mostly green. Let's see how STI fights back.