Trader by Nature

9th July 2008, Wednesday

Dear Friends and Colleagues,

Yesterday US beat the trend worldwide by pushing up its market up 150 points. Well, its another time they try to be big brother and dictate where the world should go. I doubt they can sustain it and the last time they did this few weeks back, the day after they had their market drop for a few days. Lets see whether they can sustain the momentum today.

9.00 - 12.30

Market opens with most counters rebounded. Index up 6 points in the morning. Japan opens 140 points early in the day and increase its momentum to 200 over points midday but loses its steam after that, back to up a merely 33 points. Hong kong fares much better up 700 points in the morning but retrieves back to up 500 points in the mid day. In the early trade, no counters had significant jump and the worst came from plantation sectors. It is probably due to oil prices drop for the second day. O&G sectors still looking strong currently. Kencana moved up higher to 1.86 up 0.07 while YTLPowr up 0.05 to 1.77. It is reported that the government is having a meeting with the IPP companies. It is interesting to see how the market will react to it. At 11.30am, market still look strong up 10 points at the moment. Not many counters jump up but gainers led losers 250 to 160.

2.30 - 5.00

market seems up trend at this point down to 9 points at 3pm but pull back up to 14 points at 4pm. hang seng were also bouncing there droping to 300 points up and rebounding to 500 points at the moment. Nikkei wasn't as good up only 19 points. ingapore and London meanwhile up 0.7 percent. At the moment, KPS and Resorts look more promising. KPS up for the fourth day today and i will unlikely have interest in it. resorts meanwhile jumps the most today in a month as it increased 0.1 to 2.6. Lionind also moved well at the moment up .13 to 2.34. it came down from 2.6 a week ago and doesn't look strong today. Just a little rebound after the US rallied yesterday.

As usual, when the market approach towards the end, most of the volume will be transacted here. Market up 18 points and 380 million shares transacted today. Hong kong closed 580 points up, ftse at the moment is 1.16 percent up while dow future down 13 points from 20 points down a while ago. counter most promising on my radar screen is resorts which went up .12 close 2.62. it might have done 2.64 if not the last moment being thrown 14 lots at 2.62 without buyer at 2.63. It is ye to be seen how Dow will move tonight and how our market is moving tomorrow will be based on the result tonight. My theory is when US is up, its time to be careful and sell the stocks you have on hand for those who play contra.

posted by Chong Kok Wai @ 5:29 PM