Wednesday, January 02, 2008

CES won a contract in Vietnam...could it boost construction stocks?

STI closed down 21 pts at 3461 with a volume of 1.4 billion. First trading day of the year we already have a negative day. Market volume is still quite low, nothing much to see actually, perhaps except for Chip Eng Seng which won a residential development contract in Vietnam. Construction stocks pushed up a little because of the news. That was pretty much it.

Actually from my watchlist, I can see a number of stocks go low then close flat. I think it's a good sign that they didn't get lower. Must see how Dow far not good.

I just saw that Swiber could be having a nice pennant formation. A nice long flagpole followed by a retracement which forms the pennant. Could have huge upside if it breaks 3.52 convincingly. Weekly chart might be able to support that idea of a breakout of flag formation. Looks good :)

CSC also looks fishy. Why is there a spike up in volume today? Symmetrical triangle...if it breaks 0.330, I think we can see it going towards 0.345 range.

Below is the chart of CHoffshore. Interesting chart, can study it, but I'm not buying anything for now, haha :P

Dow is now at -109 now, haha :P Looks like tmr we can see more downside of STI. Remember the rule of Jan's first 5 days? It'll determine the whole year's results (most likely).


JingXiong said...

LP. Why is it that the first 5 days represent the trend for the year? Do enlighten.

Btw, any nice books to intro amongst all ur reads?

Do let me know when u've replied on my chatbox so i remember the question. Working = busy u see. Thanks!

la papillion said...

Hi JX,

There is a theory that the first 5 days of Jan (whether positive or negative) will determine the whole year result. So far you can check STI, it's quite true. I just checked Jan's result...then the whole yr result.

JingXiong said...

I'll check that validity out myself!! =D