Trader by Nature

8th July 2008, Tuesday

Dear Friends and Colleagues,

9.00 - 12.30

Dow was volatile yesterday up 100 points in the early trade but came down in the middle of the day to about 200 points deficit but in the end recovered back to a 56 points down. Europe closed positive yesterday lead by FTSE up 1.8 percent. This morning, Japan drop close to 200 points while Singapore drop 1 percent. Surprisingly, our market rebounded today. At 10am, it is 7 points up with majority of O&G counters moving up. After a wild ride in the morning, the market slows down at 10.30am as it turns cautious due to the regional market all retrieving. Scomi led the way by going up to 0.61 at 9.15am. I have noticed the counter but did not buy until it touches 0.625. At 10am, it is trading at .64. it came back to roll at .625 and at 11 am, it again went back up at .64. after it goes up to .645 while without much buyer insight below at .63 and .635, I sold off to take my profit. Gamuda continues its up trend today opening up 0.03 to 2.5 but retrieves back to 2.48 before going to 2.54 at 9.40am. It went up a notch higher to 2.6 at 10 am. Ranhill stayed at .86 from the morning till 11am after which it went up to .88. From its highest point there, it came back down to .86 t close for lunch.

At half day, japan is down 340 points, hong kong 700 points down while dow futures 67 points down. It seems today the market will be bad. News were reporting that Iran is preparing for any eventualities of a war with US.

2.30 - 5.00

Market isn't good probably due to worries that there will be a meltdown tonight in US. Market turns negative 5 points at the moment. Japan drop 300 points, hang seng 740 points, FTSE 2 percent down and dow futures 80 points down at the moment. The only counter looks promising is kencana where it is trading at day's high of 1.8. Unlikely i will enter any counter today.

posted by Chong Kok Wai @ 9:44 PM