No Ego Please

Market just closed. That's it for today, and I just want to have some reflection here.Trading isn't fun for the past few days. I feel the pain in my heart. It's the ego and discipline dragged me down, and I gave back all my profits made previously... market is harsh and unfogiving. I have to say I will be a much successful trader if I follow all the rules strictly. Maket is always there and it doesn't care whether I win or lose, I have a long way to go.

Tomorrow should be a good day. Wilmar, SPH, SIA Engg, and Capitamall moved up before closing.

Talk to you again.

Few Longs

SPH

ARA

 SATS

 OCBC

ST Engg Breakout Multi-Months Resistance

The Gaming Stocks

Genting Singapore retraced to its 20ma support, a rebounce from here would trigger buying interest.

Genting HK's support is at 40c-42c, see if it can turn around from here.

Citydev Poised to Move Higher

Stocks in Focus for Coming Monday

The three banks started moving up on Friday, it's pretty high chance market will move higher on coming week. I will just shoot few charts here to provide you some long ideas on Moday.

Few Long Setup

CDL Htrust pull back to its support area, long triger price: $2~ $2.05.

InnoTek at support 53c after breaking out its resistance line. looks a  nice long.

Speculation and Trading vs. Gambling

I'm reading this interesting article and think it's great to share with you. Please read it to the end. Seriously.

When does trading become gambling? There is a very thin line. I maintain that most traders ARE gamblers. They use markets as a substitute for a casino. Here are some of the sign posts that you have crossed the line. I love Jeff Foxworthy so I will steal his "you just might be a redneck."

1. IF you enter trades without a clear trading plan, you just might be a gambler.
2. IF you trade just to be trading, you just might be a gambler.
3. IF your bored and enter a trade, you just might be a gambler.
4. IF you look at potential profit before assessing potential loses, you just might be a gambler.
5. IF you have no impulse control, you just might be a gambler.
6. IF you have no methodology, you just might be a gambler.
7. IF you rely on others for your trading decisions, you just might be a gambler.
8. IF you do not take full responsibility for your trading outcomes, you just might be a gambler.
9. IF you increase your risk due to losses, you just might be a gambler.
10. IF you do not use stop losses or do not adhere to them, you just might be a gambler.
And my all time favorite
11. IF you get an adrenaline rush when your entering trades, you just might be a gambler.

In summation I would like to say that I do enjoy casino gambling as a form of entertainment. I strive to over come the house's edge when I do gamble. Gambling is entertainment and trading is a business and should be approached as a business enterprise. IF your using the markets as a gambling outlet, be my guest. Traders that approach trading with a positive expectancy WILL take all your money. They will send you stumbling out into the night, cross-eyed and mumbling to yourself. Be smart. You can either feed the trading gods or feed your head. Do the work and get educated before risking one thin dime. Employ laser like focus in your trading and use iron discipline. The end result can be well beyond your wildest expectation.

Two Defensive Plays

Market is Topping Tailed

The STI ran up to as high as 3116.24 (just 10 points beneath its major resistance 3126) and was selling-off in the afternoon yesterday. Since its on the all-time high side and the blue chips are really performing that much, especially the banks are really very weak. Market is difficult to move higher without the participation of the banks, though its uptrend is still well intact.Be careful of chasing stocks already rallied a lot.

The major support for STI is 3020, and resistance is 3126 for now.

Few Lottery Plays

It has been long time since my last "lottery play", old readers should know by "lottery play" I mean the stocks typically high risk, very valotile, cheap(<50c) and of course high return--if you got the right one. I will usually avoid these kind of stock. But sometimes, I will set only a small amount of money to satisfy my gambling impulse. You really have to be in and out decisively as fast moving usually.

My morning notes, stocks in focus:

cosco
GMG
JES
Rotary
ARA
Soundglobal
See you later.

Baker Tech

Jaya Hld as posted in previous post work out pretty good, now 71.5c, up 3c.

Baker Tech is another potential for a upside breakout. Live chart below:

Few Longs

I will update you today after market open, I'm looking for few long set up beside the below charts.

Bulls Are In Control

Local benchmark STI just looks decent uptrend, it was a little bit boring for past few days, as the blue chips basically didn't move too much and my portfolio dropped slightly as slightly retracement plus interest charge( CFD account), but overall, they are still in good shape. I expect next move is for blue chips come onto the stage again.

STI next major resistance is 3125, with the immediate support 3035 and 20ma which is at 3000.

S&P 500 had a decent move last night, had breakout from a major resistance level 1128, the immediate resistance is 1150 and 1174 the next. Plenty of room to move upside. 1128 is its multi-month resistance, it was taken over now.

The Dojis

The Unexpectable Run, Left the Miserable...

The Hustle and Bustles

Ah, the joys as a broker...

I haven't done any posts for yesterday the whole day, as something was bugging me while I need to settle a mistake contract. My responsibility as a broker...lucky it has been settled already. What I want to share with you is be extremely careful with the positions you are holding, never have short selling in your cash account.

The market has been zig-zag around for the past three days. It maybe disappointed most of the bears--market just refused to go lower. Most of the blue chips are kinda of side way, doesn't move much. My bias is still to upside more than downside. If you have been here for long time, I'm a bull. I focus on long side in most of my trades. Well, doesn't mean bears can't make money, still remember the saying" Bulls make money, bears make money, pigs are slaughtered"? I'm in bulls camp.

Indoagri is one of few stocks I'm looking at, don't know why it dropped from 2.39 few days ago to 2.26 now, while its peers Olam, Noble, Straitsasia are performing well at the same time. Below is its live chart now, hitting its 200dma and horizontal support level, if I'd agree to average down, it must be under this kind of condition.

That's it for now, trading isn't that fun lately. So I'm not feeling particularly chatty. I'll post again what to look out for coming week.

China XLX

China XLX had a firm breakout yesterday from its long term ( 3mths since June) consolidation base. More upside move is expected.

Broad Market

STI has run up 117 points to its peak from 2950 where it took off, in eight trading days. My take now is to take some profits off table first for mid-term position. I always take profit for my short term profit once it yields profit, so the market down or up doesn't have much impact on my short term position. Anyway, the overall uptrend is pretty healthy by now.

STI is over extended, the probability of retracement increased, so be careful of your longs unless you like chasing buses and don't mind buy extended stocks. Try to buy those stocks lagging behind yet to run.

A New Era for SGX

I'm really excited about this piece of news:

Singapore Exchange launches ADRs, brings US-listed Asian companies to Asia 14 September 2010 – Singapore Exchange (SGX) today said it will quote American Depositary Receipts (ADRs) of 19 major Asian companies on its new GlobalQuote board from 22 October 2010.


Many of these companies, including Baidu and Suntech Power Holdings, do not have Asian home exchanges. For the first time, SGX-quoted ADRs enable investors to act on news-flow about these companies during Asian hours. ADRs quoted on GlobalQuote also provide investors with round-the-clock trading opportunities as they are fully fungible with US-listed ADRs.

The launch of the trading of these 19 ADRs marks the start of cooperation between SGX and NASDAQ OMX to bring ADR quotations to GlobalQuote, thereby linking up market participants across both trading pools. GlobalQuote is SGX’s quotation board for international securities such as ADRs, depositary receipts and depositary shares of companies already listed on other exchanges. Bank of New York Mellon acts as the depositary bank for SGX’s new ADR programme.

As a result, SGX is flying now(Live chart), up 29c as I'm typing.

And below are the counters will be listed in SGX, some of the counters including Baidu, Aluminum corp of China, China Mobile China Telecom, Petrochina are very popular picks among investors.

Below is the full list of counters:

Few Longs Set Up

STI Hit the Highest 3066.81 Since Fiancial Crisis

STI passed over its major reistance 3038 yesterday. The next major resistance is 3128, another 90 points away from now.

The Difference Between a Real Stop and A Mental Stop

What a Day Like This

My Straitsasia as posted two posts back(click Here) is in very good shape. up 10c now. See below live chart.

What's on The Table for Next Week

It was a hash afternoon for me today, as I just extracted my wisdom tooth during lunch time. I'm getting better now, the market was getting back in late afternoon and formed few nice bullish set up for coming week. Here I post them out for you before my long weekend, there will be little chance for me to update during the weekends. Here you have:

1. Property looks bullish, the counters may continue move up are:
capitaland
yanlord
citydev

2. Commodities getting hot,
Olam and Straitsasia had a breakout today.
Indoagri and Noble first day rebounded from support

3. The banks are under resistance level however.

4. Offshore and marine, I have my all time favorite kepcorp, NOL and Sembmar.
Sembcorp is consolidation now, hope it will break on Mon.

Have a nice long weekend and Selamat Hari Raya!

StraitsAsia

Symmetric triangle breakout, now 2.16.

Market is Quiet Ahead of Long Holiday

I don't have much to say at this moment, market is quiet ahead of tomorrow holiday. Closed biosensor position already(posted yesterday), it worked out pretty well. I couldn't get out at 87c as there are only few lots done at this price (day high). Probably market will just zigzag sideway for the whole day, and some profit taking here and there.

Not everyday is a trading day.I will take this opportunity to do trade summary, scout the market. Here's is my biggest question: WHAT DO I NEED TO SEE TO MAKE ME TAKE A TRADE.

As fas as I put money into the market, I want to see it above 50ma and close to support--a up-run first then pull back or rebound from a key support level.

Two Notable Charts

Biosensor: it had a breakout from its 83c major resistance yesterday. Next target 87c.

SATS LTD.: Support 2.79 with next target 2.9

The Hangseng, Shanghai and Straits Times Indices

In overall, I see the regional market indices are bullish, there are still some room to move up before any major resistance.

STI immediate support 3019, next target is 3120. Current 3037 is a minor resistance.

Hangseng Index is about another 300 points away to its resistance( the red downtrend line):

Shanghai Index just breakout from its Aug consolidation base, plenty of room to upside. The major resistance is far away at 2922.

NOL

NOL looks  a good long candidate. Live chart below: