Monday, August 13, 2007

Europe cheong ah!

Quite a number of companies released results today. I'll just talk about china transcom because I had this. Reason to buy is based on technicals. But when the subprime issue came, all technicals are thrown aside. I kept it because the prices are rather stable (very low volume in the first place) and wanted to sell on rebound.

Today it released quarterly results and not a surprise - just crap. Revenue dropped 22.9%, net profit dropped 55.6%. With no future prospects to jump start the price, I supposed the price will only drift downwards. When I bought it, it was based on technicals, knowing that the fundamentals suck. Maybe now is a good time to sell it. I would lose around $500, but it's okay. Even given this price, I wouldn't want to buy it, so why should I keep it further? Will look for opportunities to sell off this tmr.

STI went up 21 pts to close at 3380, with low volume of 2 billion only. Surprisingly STI was pulled up by property and banking stocks. Buyers are still staying on the sidelines, judging by the volume, so any rally upwards might be an opportunities to experience a more severe selldown.

Dow seems to be strong tonight (+88), Europe what's up man? :) Cheong up so much! Technical rebounds? Not sure about that, wasn't so in touch with the market these days as I SUPER DUPER busy. Look forward to October for my well deserved break in reservist....