Contra players, especially those holding on to Yangzijiang and Biosensor, felt the pain as they cut loss in today onslaught. Counters which rocketed earlier this week were found falling. However, some stocks like Tiong Woon, GKE Int and Ban Joo remain strong and sturdy in this correction. Further correction is expected as this is an overdue effect.
Reputable people around the world starts to warn about the bubble in China which was relatively ignored somewhat. This is going to be ugly, as many of these players are merely joining in this stock market because they heard that its easier to earn in stocks than working. This is a danger sign. Most market crash took place when most people are feeling complacent and euphoric.
Downside continue tomorrow, though, not a major one but a substantial one which could wipe most contra player out and keep them away for months.
Some weakness sensed from current Nasdaq movement, tech stocks will be affected. Usually, when the market turns red, there will be some penny that could rise to the occasion and Ban Joo should be the in interest in the following trading days. Yangzijiang will be expected to recover tomorrow based on its current interest on its gigantic potential, but no real support was able to be discerned largely because its just recently debuted. It could fall to at least $1.59 before recovering depending how bad is Shanghai and HSI tomorrow.
Maintained position on Comfortdelgro and Sembcrop. Comfortdelgro went down a little to $2.180 whilst Sembcorp boosted somehow to $5.40.
ARC Market Pulse Portfolio:-
|Counter||Qty||Buying Price||Current Price||Cost||Value|
Unchanged. Balance at $1,224 standing by for potential bargain.
Any opinion herein is made on a general basis and is not an inducement to trade.