Humongous Rally !
Eclipsing overnight gains on Wall Street and a rally on the Asian bourses, the Straits Times Index closed 5.9% higher Thursday, or 101.08 points, at 1,803.34. The index has gained about 20% in the past three weeks.
The rally today was humongous! However, a quick look at the intra-day 30 minutes chart for the Index and some major index-linked counters. Many of them show 'hanging man candlestick' at closing casting shadow on the follow through buying momentum for tomorrow......
My swing trade positions for SPC & Wilmar ( just entered today ) are both in-the-money. I am hoping the market can have some follow through buying tomorrow morning before profit taking set in. I hope I can liquidate my positions for a profit ahead of the market and then re-enter new positions at lower prices so that I can enjoy a fresh 5 days contra period. I believe both counters can still trend higher after the profit taking!
Olam, oh..... how can I missed out on you! I mentioned about you on last Wednesday but did not buy. It rose 23cents today! Noble, doing very well too ( rose 10 cents ). I wish I have unlimited resources to buy them all ! UOB Kayhian, one of the few that did not move. It is seeing the effect of the candlestick set-up curse!
.
The rally today was humongous! However, a quick look at the intra-day 30 minutes chart for the Index and some major index-linked counters. Many of them show 'hanging man candlestick' at closing casting shadow on the follow through buying momentum for tomorrow......
My swing trade positions for SPC & Wilmar ( just entered today ) are both in-the-money. I am hoping the market can have some follow through buying tomorrow morning before profit taking set in. I hope I can liquidate my positions for a profit ahead of the market and then re-enter new positions at lower prices so that I can enjoy a fresh 5 days contra period. I believe both counters can still trend higher after the profit taking!
Olam, oh..... how can I missed out on you! I mentioned about you on last Wednesday but did not buy. It rose 23cents today! Noble, doing very well too ( rose 10 cents ). I wish I have unlimited resources to buy them all ! UOB Kayhian, one of the few that did not move. It is seeing the effect of the candlestick set-up curse!
.
Labels: Trading Digest
posted by Market Wizards @ April 02, 2009
Comments: 0
