It happened around 230 pm and lasted for around 15 minutes. Incredible! Too bad I missed the show.
Back to STI. STI didn't do too badly. First of all, it broke out of the rising bear wedge on the downside, as expected. Here's the chart for STI. Quite a lot of interesting things happening today!
Dow finally crumpled yesterday after several days of opening high but closing negative or neutral. As I said, this is a bad sign. If it cannot go higher, it must go down. After down 84 points last night, STI was affected adversely. It went below the lower trendline of the rising bear wedge, which was predicted by me and a forum friend 2 days ago. It came sooner than I expected though, I was thinking next week or the following week.
Anyway, the good thing is that we're supporting by exponential moving average (EMA) 20 days. As long as STI stays above ema20 days, I think we're fine. If ema 20 days break, next level of support at 3450, thereafter is a rather unacceptable support at 3380. I don't think we'll see that yet as I believe underlying trend is still up. This is just a retracement so far as I can see.
Did you guys notice the long shadow of the candlestick today? It touches 3124, meaning that the lowest of today is 3124. You know why? hahah, some joker from DMG broker house sold DBS at $0.27, compared to yesterday's close at $24.5!! That's a discount of 98.9% !!!
09:01:18 23.900 1,000 Buy Up
09:01:14 23.900 10,000 Buy Up
09:01:13 23.900 5,000 Buy Up
09:00:54 0.270 35,000 Buy Up
09:00:53 0.270 22,000 Buy Up
09:00:53 0.270 100,000 Buy Up
09:00:52 0.270 10,000 Buy Up
09:00:51 0.270 20,000 Buy Up
09:00:42 22.614 213,000 X
09:00:30 23.800 4,000 Sell Down
09:00:28 23.900 2,000 Buy Up
09:00:27 23.800 37,000 Sell Down
09:00:16 23.900 10,000 Buy Up
09:00:12 23.900 71,000 Sell Down
09:00:11 24.000 100,000 Buy Up
09:00:06 23.900 1,000 Sell Down
08:59:02 24.000 250,000 X
Below is the chart for DBS. See how ridiculous it is? Screws up the whole chart for DBS! haha :)
There's a 100 lots buy at 0.27. If that fellow sell immediately, he straight away gets 2.4 million in 1 min!! What the hell right?! Good right? No!
The most ridiculous part is that SGX cancelled all the trades at 0.27. Why? DMG said it was an honest mistake, so it was cancelled. The main point here is, if I accidentally keyed in to sell DBS at 0.27, and the trade went through and I said it was an honest mistake, will my trade be cancelled? Or if I want to buy a warrant but press sell instead, am I allowed to cancel because it's my honest mistake?
If this opens up a floodgate of cancellation due to honest mistakes, I'm fine with it. But in my heart, I know that small retailers like you and me had no such privileges. I would have to pay for my mistakes. What sort of double standard is this? Totally unacceptable. Nobody to protect small retailers, sigh...
This error trade caused STI to plunge 400 pts to reach out intraday low, a mouth dropping 11% drop, but of course it got corrected and we just closed -43.
Some news to share:
1. Yellow page - CEO resigned. Wow, looks like big big battle for control at yellow page board of director. Vested.
2. Eng Wah - Rose up 0.170 to close at 0.575, intraday high of 0.610. I believe that's the highest ever for this money losing company. Looks like their strategy of reverse takeover for the japanese drug company works, even though they have a shares placement and today have bad market sentiment. Not vested.
3. Genting - 28 May (monday) have EGM. Have sources might go up to $1.06. Do your own due diligence pls. Vested.
4. Federal - Have sources that say next tues have some breaking news. But be aware that most of the good news have been priced in. Price have been steadily increasing from 0.505 to today's 0.645 for the past week. Not vested.
5. Lian Beng - this one really rumor only, haha :) Close links with Genting is all I can say. Vested small small, 5 lots at 0.350. Sources said hold long term, strictly not for contra.
Above rumors are solely for my information only. Not an inducement to act upon them. As for all types of information taken from any sources, do your own due diligence because I do not bear responsibility for your profits or losses.
Dow +60 now. Europe a mix of red and green.
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Like to add that my portfolio didn't suffer much. At most drop 1-3 bids only. It's a sign that I bought very near good support or that the drop in market is not broadbased but restricted to index stocks only. Comparing this with recent big market corrections, this time my damage is minimal. It could be a result of good stocks (minimum china stocks, mainly construction and offshore stocks).
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