Been trading for a few months, learnt alot of things. 1st rule of the game, just remember MARKET SENTIMENT is the most important thing. Why? Even XXX company can come out a report stating 200% profit, it will still not move up or even may move down due to bad market sentiment!
As for my analysis for next week, S&P should hit about 1485, dow at about 13453 and Nasdaq about 2595 before retraction. The 1.618 fibonacci retraction happens to be at the 50 day MA as well, so the downtrend may be possible. But, all these are technical analysis, it may not happen and it may still break through the 50 day MA, but hey, better to make money and not lose right. :)
My pick for STI for next week 27th Aug:
yangzijiang - $1.76 (could possibly hit $1.93, quite dangerous)
celestial - $1.15 (I expect to close at $1.18)
Why do I choose this 2? Actually you can choose any counters you like, however, these 2 have been moving in according to dow's performance and yangzijiang have been heavily traded these few days. As for celestial, I feel that this counter has been oversold to this level at this point. Much uptrend should be expected.
Labour day in US is coming soon, so trade with care! :)
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