Lian Beng trading halt today, but as of now, there's still no news as to what the halt is about. From what I see, it shouldn't be the BIG one. Must be some small news or worse - placement shares. But can't be lah, market so bad, who wants to do placement now? (haha, actually there is one company doing rights now - Genting)
I see STI testing support at 3260 twice in the morning but didn't break it, so after lunch it shot up 92 pts (2.88%) to close at 3321 (near resistance), with a volume of 1.8 billion. Volume is getting thinner and thinner. Best time to play index warrants is now, because volatility is extremely high for STI, which don't happen often. I remember STI up 20 down 20 is the normal a few months back, but now it's capable of doing up down 3% daily. I just don't like the thin volume when rallying. Have to wait to see more confirmation of uptrend.
Most stocks are up today, including those in my portfolio. This fake rally shaved off quite a lot of losses for me, so I'm thankful for it.
Oh, one more news. China raised rates from 6.84 to 7.02 to curb their explosive stock markets from bursting. This is the 4th time they raised the interest rates this year already. Judging from past experiences, the drop will come a few day after. If it didn't drop, I'll be worried actually because it shows crazy Chinese have absolutely no regards to the bubble they are blowing bigger and bigger everyday. Anyway, all these just means more volatility. From past experience again, the drop will just make them buy more and the result is that HSI and Shanghai bourse will go even higher before the drop.
I'm thinking more and more than we're poised for a wonderful year end rally this year to mark the last leg of the bull, possibly lasting till middle of next year. Could be just my lonely fantasies :P
Dow is up 111 pts and Europe is all green (most around 2%).
Wednesday, August 22, 2007
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