Mid-Day Digest
[12:50pm] I am queuing for some stocks to go long but I am not chasing at this time. Although STI has dipped by 72 points yesterday and almost 30 points by mid-day today, the index is still quite far away from the 10, 20, 40 days moving averages. CCI has not reached oversold yet.
The sharp rally last week was almost vertical. What may happen is that the correction may not be an inverted V erasing all gains from the previous 7 days. It may take the form of bearish bias sideways consolidation move edging down gradually over the next 1 ~ 2 weeks forming a flag or pennant ( this is only my own speculation ).....
Many counters such as Olam, Golden Agri and even the ST Index all look as if this is the case. Of course, this is as accurate as of now because the market was downed only 2 days so far. Anytime, if prices pierce through on either sides, this speculation will be void.
Potential STS play: ST Eng
Many counters such as Olam, Golden Agri and even the ST Index all look as if this is the case. Of course, this is as accurate as of now because the market was downed only 2 days so far. Anytime, if prices pierce through on either sides, this speculation will be void.
Potential STS play: ST Eng
Labels: Market Direction, Stock Pick
posted by Market Wizards @ May 12, 2009
Comments: 0
