Friday, August 10, 2007

Market crash market crash! haha :P

Some big trouble is plaguing global markets. It's the spread of subprime problem from US to other parts of the world in the form of CDO. It's now spread over to Europe when BNP, France's biggest bank, stopped the withdrawal of funds linked to the subprime loans. Europe central bank had to pump in money to raise liquidity so that the banking system would not collapse. Europe is suffering from major crash now, FTSE (UK's stock market) totally wiped off 2007 gains after today's drop.

In the midst of all these, I queued for Swiber at 2.81, 2 lots and got it around 3 pm. The reasons for buying is that Swiber retraced to hit support at 2.81.

I believe 2.81 is a rather strong support and it should hold. 2.81 also happens to be the 61.8% fibo retracment level too, another reason why support should hold. Anyway 2 lots only, haha :) Swiber closed above my buy point at 2.86, so at least my brokerage is covered with a little excess.

Today STI held at 3300 support and rebound strongly towards market close. Rumors are flying around that MAS had injected money into the money market to prevent people from crashing the banking system. I just need an authoritative source to confirm that, because the news came from cna forum - bullshit forum, haha :) Never trust the information from there unless you can read it yourself from a link. Evil people there are known to manipulate and edit words from real reports to suit their case.

My losses still hovering around 11k, so it's ok lah. Stupid right? Bull market lose 30k, bearish market lose 11k :) Hhaha, take it with stride man :P Can lose $$, cannot lose confidence! Okay lah, enough nonsense, blog more towards Sunday.

Dow -112, Europe lau until intestines, liver, stomach all come out...