Thursday, September 20, 2007

STI dropped 41 pts to close at 3552

STI dropped 41 pts (1.17%) to close at 3552 with a volume of 1.91 billion (much much lower than yesterday's 2.5 billion). Quite a quiet market today. I don't like it that STI hit resistance at 3600 and went down. Support around 3570 didn't hold towards market close.

Construction didn't make it today. Okay, maybe it's not a fair statement to make, since almost every other stocks also fell. I just felt that pennies fell harder, at least from my watchlist.

I queued to sell lianbeng at 0.450 before I left for work in the morning. I've rode the Lianbeng wave for quite some time already. Bought it on 21st May at 0.350 and held throughout the selldown in August before letting go today. Not bad lah, 25% returns in 4 months. I don't like share placements because short term it's going to be selling pressure on the stock. I've seen it too often. Anyway, time to let others take the risk, I take my profit off the table first.

This is in line with my general plan to reduce my speculative stocks gradually. Next in line would be either Yongnam and CSC.

Swiber broke through $3 barrier and rallied to intrahigh of 3.180 before closing +0.060 at 3.060. It's been such a long time since I saw Swiber close decisively above $3, so quite happy! With this brief rally, MACD shows a 4red1green buy signal. But it's not very convincing since other indicators are somewhat at odds with the signal. Anyway, most breakout failed today given the lethargic strength of this run.

Pac andes didn't disappoint, went up 0.015 to close at 0.745. Nice charts with MACD blue line touching red and bouncing off. High volume these few days too. Let's see how the price action is like tmr.

Dow is now at -12, Europe all red (around -0.5% average).