Well, markets around the world are taking a breather now. What STI is experiencing is what I believed to be a 3 sessions consecutive falls or 3 black crows in candle stick's perspective. Tonight, chances are DJ is going to rebound significantly that will trigger a following rebound. STI would probably see a less than 40 points gain. SSEC will continue its uptrend after a few sessions of digestion.
Looking ahead, pennies defying the gravitation effect of market and some took a hefty gain. I sold 8 lots of Oculus at $0.410 in the morning but bought another 8 back after I discern an added interest fueled buy up based on the chart, which was found halted and pending announcement, which is probably tomorrow. Other pennies which I had bought are Sunbusiness or Lexicon 10 lots at $0.095 that found up two bid spots at $0.105, 10 lots of Jade around $0.210, 8 lots of Eastgate at $0.125 which ended flat and 8 lots of ASTI at $0.310 which ended the session at $0.300. Some retreat from my purchases. Still holding on to Yangzijiang, 7 lots which was bought last Friday at average of $1.99. Well, if a recovery is triggered tomorrow, this counter will probably see itself testing its high at $2.07 again. Yangzijiang however is dependable on two factors: one of which is the shipping sector and the other will probably be HSI and SSEC.
ARC Market Pulse Portfolio
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I will decide on which of the pennies to hold from the counters which was bought today. But tomorrow's session will be a crucial deciding factor. Things are quite rosy since markets had took their share of corrections for the past few days. Today's disposal of Oculus see at $500 increase in the cash on hand to $2750 after subtracting about $50 loss from Koh Bros. The total value of cash plus investment is now $5850, which was initiated with a modest $3000 starting capital.
On funds end, the slides for these 3 days did not bother much of my funds holding. Average ROI still kept in the 23 - 25% range.
However, I see an opportunity in the money market as GBP/USD is currently at $2 level. Took a $5000, 35 pips stop loss position on USD against GBP. DJ if at all it recover, should send USD back to $1.9900 level. Looking to take profit at around $1.9950. As you known 35 pips cannot really sustain a wave string movement in Forex.
Any opinion herein is made on a general basis and is not an inducement to trade.