A week ago, I bought 5 lots of Indoagri at $1.98. Watched it dropped almost to my stop loss of $1.90. Luckily it never reached. It then rebounded (these 2 days) to $2.04 but never managed to break it.
In the past, I will stubbornly hold on. Today, I got rid of the 5 lots at $2.03. The reason ? Someone told me that in terms of technical analysis the graph of Indoagri is showing a "flag" (?). The basic logic is that the share has dropped into its own little channel but keep failing to break $2.04.
I sold off at $2.03 and watched it drop to $1.99.
Mmm.. Technical Analysis :)
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Pre-Market Open Commentary for 10 February 2010
DJIA: 10058.64 +150.25
Nasdaq Composite: 2150.87 +24.82
Wall Street staged a rally on Tuesday on heightened speculations that the European officials will rescue Greece from its debt problems. The speculations arose from news that European Central Bank president has cut short a working trip to Sydney to attend the Brussels summit on Thursday to discuss how to manage the growing debt crisis. Additionally, there were reports that Germany is considering a plan to work with other EU members to offer loan guarantees to Greece and other troubled Eurozone countries. The upbeat quarterly results of Walt Disney and Coca-Cola further lifted market sentiment.
Speculations on the Greek bailout overshadowed the less upbeat economic reading on wholesale inventories, which fell 0.8% in December, worse-than-expectations of a 0.5% increase, after rising 1.6% in November, signaling that businesses are not ready to restock inventories.
All the major indices rose with the Dow Jones Industrial Average gaining 1.52% while S&P 500 rose 1.30% to 1,070.52. Nasdaq composite climbed 1.17% higher.
Wednesday brings the corporate results of Sprint Nextel and the weekly crude oil inventories report. On the same day, the US government will also announce the December trade balance and the January Treasury budget.
US light crude oil for March delivery rose US$2.56 to settle at US$73.75 a barrel.
In Singapore today:
Uncertainty surrounding the eurozone’s sovereign debt problems dragged down the Asian markets in early trading on Tuesday but a rise in US stock futures and talks of a bailout plan for Greece eased fears, fuelling a market recovery towards closing bell. The local bourse clawed back early trading losses to post a strong finish. The STI gained 51.4 points, or 1.9%, to 2745.02 as local-bargain hunters returned. For every stock that fell, 1.22 rose. Trading activity was thin with turnover of 1.21bil shares with a value of $1.14bil traded.
Commodity shares recovered from losses on Monday as oil prices rose above US$72 a barrel against a backdrop of potential weakness in greenback. Wilmar gained 23 cents to $6.25, Golden Agri added one and a half cents to 51.5cents while Noble Group gained 5 cents to $2.78. SingTel also ended higher, gaining 8 cents to $3.03 after posting better-than-expected quarterly results.
Expect market sentiment to remain subdued in view of uncertainty surrounding the Eurozone debt woes as there remain growing doubts amongst investors on whether the euro will be able to withstand the potential ripple effect from Greece’s budget problems.
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Mid Day February 10. Singapore shares lower on profit taking.
Wall Street rebounded helped by good corporate earnings and short covering sparked by hopes for Greece. Throughout the day there was conflicting reports as to how a rescue package could pan out for Greece and other peripheral European countries. Just before the closing bell, rumours emerged that Germany was considering loan guarantees for Greece and the other troubled European countries. Asian markets were mixed with Singapore shares lower on profit taking. The STI index shed 11.3 points at 2733.72 points. For every stock that fell, about 1.2 rose. Turnover was 705mil shares with a value of $589mil traded.
Talks of the EU help for the troubled European nations may raise risk sentiments and buoy stocks in the near term. Besides the short cover inspired bounce, most investors remain wary of the advance and would lean towards staying sidelined. `I don't think most people would want to carry much positions over the Chinese New Year Holidays' a dealer said. Rising for a second day were shares of Olam, Straits Asia, Noble Group and IndoAgric amid talks of short covering. They rose between 2 and 6 cents.
Others like Swiber, Midas, Ezra, Raffles Education, Venture Corp, SIA, F&N, Hyflux, Sim Lian and Singapore Land rose between 1 and 17 cents. On the balance, shares of UOB, DBS, OCBC Bank, Keppel Corp and Hong Kong Land eased between 2 and 42 cents.
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Market close Feb 10. Investors still subdued as long weekend looms
Anticipation of the b ailout news of the troubled European countries put traders on their toes in the afternoon. A firmer end to the Chinese indices and an expected firm European opening helped Singapore shares stay positive amid light trading. The STI index shed 10.63 points at 2,734.39 points. Market breadth deteriorated toward the close to end flat at best. Turnover was 1.3bil shares with a value of $1.17bil traded.
Talks of the EU help for the troubled European nations may raise risk sentiments and buoy stocks in the near term. Besides the short cover inspired bounce, most investors remain wary of the advance and would lean towards staying sidelined. `I don't think most people would want to carry much positions over the Chinese New Year Holidays' a dealer said.
Rising for a second day were shares of Olam, Straits Asia, Noble Group and Wilmar amid talks of short covering. They rose between 1 and 8 cents. Others like Swiber, Midas, Ezra, Raffles Education, Venture Corp, SIA, F&N , Hyflux, Sim Lian and Singapore Land rose between 1 and 30 cents.
On the balance, shares of UOB, DBS, OCBC Bank, Keppel Corp and Hong Kong Land eased between 2 and 30 cents.
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