Trader by Nature

4th July 2008, Friday

Dear Friends and Colleagues,

It has been a while since i last update my blog and I find it quite difficult for me to engage on my writing and looking at the counters at the same time but I will do my best. Today, US will be celebrating the 4th of July and its market will be close for the day. Yesterday, the only opened for half the day and up 70 over points after a 170 points drop the day before. I still believe they will try to break the 11k points level.

9.00 - 12.30

Worldwide markets open sideways without much sell down while japan is still down at the moment for its 11th day. Hongkong after down for 400 points yesterday were up 170 points at 12pm. Our market had the biggest joke of the century yesterday while being closed for the whole day yesterday due to some technical problems. It duly dropped this morning to its lowest level of 29 points in the morning. it is still staying at deficits of 27 points at 12pm. MRCB dropped to its lowest levels in 2 years to .965 lowest and currently stays at .975 at 12.pm. I am looking forward to buying this counter if it rebounds. Spsetia is also a counter I would watch. It dropped from 3.5 couple of weeks ago and as high as 4.2 2 months ago to current price of 2.77. It may be a bargain. Parkson also down much these few weeks from month high of 5.9 and two months high of 7.0 to current lowest done 4.24. It is rolling at 4.4 at the moment 12.15pm.

At lunch break, Bursa still down 29 points while nikkei down 110 points. Hong kong meanwhile is up 200 over points and singapore is merely 13 points up. US tonight will not be open so, it might be a good time to enter stocks. Anyway, everything will be depending on how the market will move later on as there will be a rally coming this sunday and the uncertainty of the political situations.

2.30 - 5.00

other major markets were mixed with japan down 30 points, hongkong up 230 points, china down 1.5 percent, and taiwan drop 2.2 percent. Our market is into its 3rd minute and it still is sliding down to 30 points deficits. At 4.14, market rebounded to down 17 points from its lowest of 33 points down. Although the index was up, most counters are few bids up from lunch closing. the only bright counter is KPS which is up .15 at 4.16pm. it rolled at 1.85 only to push up just seconds ago. it continued its journey to high of 2.0 at 4.24pm but came down sharply to close at 1.92 without much volume. MRCB is at its day high of 1.0 up from .98 just now. it went to .97, .965 after lunch before moving up bid by bid to 1.0 it is currently standing. it went up to a high of 1.01 but came down to close at .995 in the end. Resorts started the trend moving up from 2.53 went to roll at 2.54, 3.40pm where i hesitated to enter. it went straight up to 2.61 high but came back down to 2.56 close. Spsetia meanwhile came up from 2.75 at 3.pm up without much volume to stay at 2.83 but close high at 2.85 during closing.

The market closed down 19.5 points where it reached 22 points down minutes before closing. it went to a highest point of 16 points deficits. Europe market wasn't good with London down 1 percent and others with equal drop as well. I did not enter any counter today and opt to wait and see. It is difficult for me to make much money at the moment as i need more bids up to breakeven than others who buy more than 100 k per counter.

posted by Chong Kok Wai @ 8:41 PM