2 Weeks of mini-hell
Haven’t been updating much these 2 weeks as i have been pretty busy in the head with things on work. I hope everyone here is doing well with the portfolios.
The world market got hammered pretty badly first with china’s stock market decline follow by the subprime woes in US. To me, the so call on-coming bear mkt or correction or whatever term everyone calls it is long due. However, on the day the dow fell after china fell, the magnitude of the fall really caught a few US traders here i know by surprise, me included. So much so that i need to do some damage control on my options strategy.
Other than this, my portfolio didn’t do much worst or good these 2 weeks. I took this opportunity to sell Noble and part of my ST Engine Units for cash and bought int Courage Marine. The reason for selling wasn’t the correction. Its due more to the fact that i can find better bargains around the place. The risk of missing out on a strong mkt rebound is rather large, so my advice to all is not to stay in 100% cash. Right now, i’m 70% in cash and bonds. The rest are in my global allocation spread out between my stocks portfolio , UOB United international growth, UOB Growthpath 2040 and Fidelity Emerging Mkt.
do be careful when you are doing your btm fishing. i suspect it might not be over yet. much good news is release by financial firms trying to prop up the mkt. why? most likely to do their selling.
a weekly chart for the sti indicates that momentum is losing on the ADX. MACD has not cross over compared to the last correction. i think the shit may not have arrived yet.
a strong support rests on the moving average at near 2700 lvl.
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