Monday, May 07, 2007

First day of distribution

Today STI went up as high as 3520 before tumbling down to -8. HSI too. Volume is average and not low.

This marks the first day of distribution. Could be profit taking or just the start of the retracement. Quite a lot of my counters are sold down, but unlike I'm not cutting most of them because now I really know what I'm holding.

Those speculative ones with weak charts are the first to go off. I'm talking about Genting and longcheer. Yongnam and CSC are for medium term, so I won't look at it now. Swiber and straits asia are for longer term, with solid business and new contracts kept coming in. In fact, if swiber or strait asia fall more, I'll sell those lousy ones and buy more, esp Swiber.

My OCBC call went up closer to my buy price, still waiting for it to rally upon OCBC's results. Looks like UOB going to announce results tmr, and not today. But today the price of UOB fell (well, OCBC fell too, to compare).

Too tired to do any analysis or chart reading.

Too bad I'm not around the whole day. I joined the warrants hotshot competition (it's free, you should join too to experience what it's like to trade warrants - educational experience) and today is the first day of trading, but I didn't do any trades. I would have bought HSI calls, and LOTS AND LOTS of OCBC and UOB call warrants. Haha, tmr i'll got hoot tua tua for OCBC and UOB calls.

I also applied for Yuanbao IPO. 20 lots at offer price of 0.40. Again, like buying 4D, see if I get any lots. Heard it's very hot, so not likely again. Grey market area is around 0.80, so easily 200% profit if I get any lots. I'll know by tmr 7 pm.

Dow +32 now. Europe a mix. Let's hope the pent up excitement at China's week long holiday at provide the last burst of fire to light up this bull run. Cheong ah!