Woke up in the morning and saw the sea of red in the US market. Although it was a mere 0.5 percent drop, but the heavy selling came during the last few minutes of trading! From the youtube video from inthemoneystocks.com, he had identified various heavy sellings on the big financial institutions, as well as the 3 main indexes. This is not usual, as it happened right at the end of the trading day!
As such, I didn't felt good about the market, and indeed, STI opened with a negative start. But before trading started, I have already queued to sell celestial at $1.13, the price I purchased. Why did I do so? As far as I have monitored this counter, its movement have been following dow in terms of rise and fall, thus I didn't feel that it will break out today or so. When the market opened, the highest it went was at $1.14, which I should probably queued at, but I didn't dare to take the risk though. That's the strange thing, it actually opened higher than it closed! Does it mean that it's gonna do a breakout? I have no idea, looking at the thin volume, it could have been easily sold down instead too! At this point of time at 5.02pm, the last done price is at $1.10, which is one of the resistance point. if this breaks, we could probably see it go much lower which I need to go home and check out the charts.
As for yangzijiang, TA has predicted quite accurately! The target price of $1.93 had been hit and if you didn't clear at that time, you probably missed out a good opportunity to get out. As $1.93 had hit the 0.618 fibonacci retractment line, it should retract back to its 50% point and from there, decide its fate to either go up and breakout or drop all the way down! I will need to go back and check out the charts tonight to predict its movements. As far as it goes now, it doesn't seem too good. Those who bought in at $1.89 - $1.93 is quite dangerous. As of now, the closing price of yangzijiang is at $1.86.
For nikki, it only incurred a mere 0.09% fall, which is still quite ok. HSI, after doing a surge yesterday, did surprise me by doing another surge when it opened. I believe that gave traders a sign that the HK and china market was going to do another all time high. Unfortunately, it closed near to a fall of 0.91%. The european markets have started trading and it is also in a sea of red. Even in dow futures, it is now currently trading in red. This start of the week doesn't bold very well to me, unless there's some very good news or report of good sales for homes in US, I don't forsee it doing well.
Other signs to look for:
Oil, on the other hand has broken past $71.97. This doesn't look good, if oil is past $70. As for the yen dollar, it is now at 115.64-115.65, which is also below the $116 mark. Lastly, I also looked at the 10 year bond yield, which also rised since last night.
If more bad news come, then it's gonna be a tough week ahead!
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