SgTraderClub Weekly Stocks Updates: Black Monday

Monday, August 8, 2011

Black Monday

STI nosedived another 110 points to closed at 2884.

My momentum monitor chart tells me STI is at the stage of extremely oversold. The short side is currently the wrong side to be establishing new positions at this moment in time. Market has been in crazy selling -off mode for past week, it's 330 points evaporated in just five days including today.

In below chart, every time it rebounded in the past when it went below 60 level. It went below 60 again today.

No comments:

Subscribe to: Post Comments (Atom)

Disclaimer

SgTraderClub is a personal blog written by Fan Jun. Everything published here — including versions shared on LinkedIn, investSG.com, or other platforms — is general market commentary and my own opinion. It is not investment advice, not a research report, and not an offer or recommendation to buy or sell any security. It does not take account of your objectives, financial situation or particular needs.

I am a Trading Representative of Maybank Securities Pte Ltd. Views expressed here are mine alone and do not represent the views of Maybank Securities Pte Ltd or the Maybank group. I may hold positions in securities mentioned.

Trading and investing carry risk, including the loss of your entire capital. Past performance is not indicative of future results. Please seek advice from a licensed financial adviser regarding the suitability of any product before you invest. Historical posts on this blog reflect conditions at the time of writing and are not updated.

I never solicit trades, payments, or account details through private messages, chats, or unofficial channels. If you're contacted by anyone claiming to be me or representing SgTraderClub asking for money or account access, please do not respond and report it.