Thursday, August 02, 2007

Not out of the woods yet

Wasn't around the good part of the day, so wasn't aware of how well the market performs. I can see the STI close but it's never as close as feeling how well the market do by watching the movement of the counters. After watching the market daily for almost a year plus plus, I've acquired a certain sense of the market. By looking at how fast the price move or how 'fake' the buy/sell queue are, I can roughly predict how strong the selling/buying is. I guess that's called experience.

STI close up 3.8, on low volume of 3 billion. 343 gainers vs 524 losers. Basically all the big caps are the winners. Don't think we're out of the shit hole yet... just doesn't feel right. Straits asia rose up quite a lot today, dunno what's up. Construction also rose slightly. At least today didn't drop much, so margin calls and force selling won't drag so much into next week.

Again, tmr I won't be around to monitor the market for a good part of the day. Depending on Dow, I think might see another severe correction before we close off our worst week in this year? Haha :)

Can't really see Yahoo finance website to see how Dow is doing. Not so good the last time I saw...hovering around +4-5.

Got some news about the force majeure situation over at south kalimantan, indonesia. Another coal company, Thai Banpu declared force majeure over its coal at the same place after heavy rains prevented the mines from being in production. PT Bumi Resources, yet another company had its coal output cut by 60% due to the heavy rain. I think this might really raise near term coal prices up a lot due to supply woes.

Maybe this could be the reason why straits asia have been rising despite the market sentiment after its fierce selling down on Tues.