The Market / Cosco
The Market:
I visited a few blogs belong to "Da Shi Ji ( master of its class ) site owners, mostly trainers per se. Surprisingly, all of them are taking the current pull back quite lightly as just profit taking. I am, however, more cautious driven by the bearish divergence in RSI as well as the trigger of Parabolic SAR sell phrase. Maybe I am too sensitive? But HSI & DJIA are showing the exact bearish divergence in the respective charts.
That said, I am not implying for a trend reversal. The weekly STI chart is still in Parabolic SAR buy phrase. In fact, the monthly chart has just turned bullish last month based on Parabolic SAR ( although the month to date candle is a small inverted hammer ).
So, I am bearish only for the near term and are looking at 2,180 ~ 2,280. Beyond that, I think the mid / long term trends are still bullish.
Elliot Wave chart shows we are going through wave 4 correction. PTI is still quite high at 88 suggesting more possible downside. Again, I take this as a rough reference only because Wave 3 has been recounted many times now!!
Cosco :
I am beginning to accumulate at a very slow pace as I won't know whether my pessimistic view is correct or wrong. I don't want to be left out if the market prove my view wrong so I am picking up small quantity on each dip..... Collected a few lots of Yanlord today. Cosco, Capitaland are in my shopping list. IndoAgri looks attractive but a bit worry on its failure to hit higher high and worst if it breaks below 1.24 !
I visited a few blogs belong to "Da Shi Ji ( master of its class ) site owners, mostly trainers per se. Surprisingly, all of them are taking the current pull back quite lightly as just profit taking. I am, however, more cautious driven by the bearish divergence in RSI as well as the trigger of Parabolic SAR sell phrase. Maybe I am too sensitive? But HSI & DJIA are showing the exact bearish divergence in the respective charts.
That said, I am not implying for a trend reversal. The weekly STI chart is still in Parabolic SAR buy phrase. In fact, the monthly chart has just turned bullish last month based on Parabolic SAR ( although the month to date candle is a small inverted hammer ).
So, I am bearish only for the near term and are looking at 2,180 ~ 2,280. Beyond that, I think the mid / long term trends are still bullish.
Elliot Wave chart shows we are going through wave 4 correction. PTI is still quite high at 88 suggesting more possible downside. Again, I take this as a rough reference only because Wave 3 has been recounted many times now!!
Cosco :
I am beginning to accumulate at a very slow pace as I won't know whether my pessimistic view is correct or wrong. I don't want to be left out if the market prove my view wrong so I am picking up small quantity on each dip..... Collected a few lots of Yanlord today. Cosco, Capitaland are in my shopping list. IndoAgri looks attractive but a bit worry on its failure to hit higher high and worst if it breaks below 1.24 !
Labels: Stock Pick
posted by Market Wizards @ June 09, 2009
Comments: 2
