Wednesday, May 16, 2007

No charts today

Not really in a mood to write anything serious.

Trying to get out of several stocks:

1. CH offshore - immediate downtrend. Don't know why I bought it in the first place...

2. Genting Int - beaten up from $1 to 0.925 yst, today rose a little up to 0.955. I believe can hold, but do i want to hold now?

3. OCBC call warrants - medium to long term this is certainly undervalued. But the problem is can I hold for long? My warrants expire in end of july. I bought more yst to average down, something I don't do often nowadays. Hell, I don't even play warrants now. Trying to desperately get rid of this one without losing my pants. I bought yst because there is a sudden panic across the region as they speculate china might do certain measures to control the speculation in their bourses. Inflation data is also coming out yst night. So, I took the opportunity to buy more ocbc. I haven't regret average down.

Others got beaten down. CSC, yongnam are are beaten up very near my buy price. Since they haven't won any contract, I won't look into adding on, even if they went below my buy price.

Straitsasia got me worried. Results out yst but not fantasic, drop 40% net profit because as the management said, the coal prices were fixed 6 mths in advance. So 2006 happen to be the peak of coal prices, that's why their profits dropped yoy between 2006 to 2007. I believe in their future earnings, so will hold. Looking extremely attractive at 1.08, mt entry price (see previous blog posting). But i chicken out, and didn't buy. In the end, it went up to 1.14 before going downhill to close at 1.10.

Pac andes as strong as ever, on the backing of china fishery strong earnings, it went up to close 0.050 up at 1.180. Still waiting for their earnings report, plus news of their rights issue. Will definitely subscribe to their rights. Results should be out this week or next.

My intelligent investor book is coming tmr. I should be a wise disciple of it. Some of the ideas contradict CANSLIM theory and of course TA. Will see what works for me.