In the morning, possibly based on Dow's Fri performance, STI was up by around 50 pts, but when I returned, it closed 19 pts up at 3388 (want to buy 4D? haha!) with a rather low volume of 2 billion shares transacted. Gainers to losers is 647 to 218.
Nikkei opened 230 pts up in the morning but closed just 50 over pts. Signs of distribution? Possibly downside in the next few days? Hmm...I think it depends on Dow again. If I'm not wrong, they are going to release a few key economic data this week so it could either shift the balance to bullish or bearish.
I think the important ones are existing home sales on 27th August (tonight), Consumer confidence and FOMC minutes (tmr), GDP Q2 and jobless claims (wed). With all these power packed economic data coming out this week, I think Dow is going to be pretty volatile.Quite a lot of stocks rallied today. Construction play is in for today, with top volume stocks like lian beng and yongnam leading the pack. Swiber, possibly due to good analyst reports on The Edge and a couple of brokerage report on target price (around $3 and beyond, can't remember) rallied strongly to close up 0.130 at 2.810 (intra day high of 2.880).
GK Goh also not bad, up 0.050. They reported insider buying to increase their stake, from 52.20 to 52.24%. I've always said this, there are a myriad of reasons why insider sell off, but there's only one reason why they buy in; they are confidence of the future price of the shares.
I'm still as busy as ever. Hardly have time to analyse anything. Might as well, no more bullets left. Hope downside risk is limited now. It's good to see my portfolio losses going to around 11.1k now.
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