Error trade settled? I hope so!

I think my error trade episode have more or less concluded. When I checked my old account where the error trade was done, I saw that it was sold away already. Bought 50 lots at 0.125 and sold it all at 0.120, that's a loss of around $309 (plus brokerage and what not). Who's going to pay for that? I'll not be me :)


I posted the above picture cos I thought it's funny. Sometimes shit can happens without you looking for it, it just drops onto your head just like that. You can be just minding our own business when suddenly goddess fortuna just decided to play a prank on you. What an important experience for me : ) I immediately made the necessary options to ensure that whatever trades made in the older account be linked to my email so that if there's any trade done (either with or without my knowing), I'll be informed of it. Oh, and I also got my old broker's handphone number just in case. Let's hope this won't happen to me again.

I need to think about my plans for yongnam. Presently, my investment horizon for yongnam is not very long; it's at most 6 months. Suddenly they throw in this warrants right issue and forces me to think harder about this stock. To me, it's still a speculative stock. The expiry of the warrants is stated to be 5 years, until maybe 2012. It's a VERY LONG time to hold construction stocks because I'm not even certain that Yongnam will be there in 5 years (too pessimistic ?) Is it too much to risk?

My initial plan is to reduce my holdings for construction stocks gradually as they release news of contract wins. I missed the good period to offload in the first 2 weeks of Oct as I was away on reservists. On hindsight, that would be an excellent time to offload my holdings. I'm not terribly impressed with any of the construction stocks as I found them dangerous to hold, especially during recession owing to their highly capital intensive kind of business (add to that their usually high debt asset ratio).

I might need more information from the OIS that will be sent to me after the shareholder's meeting to approve of this exercise. I think that will take some time, maybe towards Dec then we'll have further news of it. I'm not likely to hold to subscribe to the warrants...but then again, I'm open to it. Let's keep it in view for now.

STI dropped quite a lot today, sitting snugly on ema20 days. It dropped 62 (1.62%) pts to close at 3747 with a volume of 2.1 billion. Dow is scary, dropping 150 points as of now (that's nearly 1.1%). Why so much? Anniversary of black monday stock market crash also need to celebrate by crashing meh? haha :) Europe mostly red. More bad news is actually good, because it gives more reasons for FED to lower the rates on 30-31 Oct.

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My stocks didn't do too badly today despite the hefty drop in STI. Swiber and and straits even went up. I'm still overall on profit at 6.5k.