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My personal opinion…

Apologies for not posting much lately as have been very busy doing lots of stuff… (note that there will be no webinar tomorrow and CandleAlert release is temporary re-scheduled). With so many deadlines being missed including wanting to launch my very good product for traders in this website, it is really frustrating, but then, you are not here to listen to my frustration…

So, now about the market.

Market is still overbought but did not have a significant follow through confirmation to the downside. It can happen anytime, but that anytime have not been coming for the last 1 month. Market is just waiting for major bearish news but so far, every news is “bullish” and excuse for it to go higher. Therefore, if you are in long position, do set a trailing stop. And if you are now thinking about longing, you have to understand your risk is very high. Sure, you can make money in long position, but your risk is very high. To short, well, as long as you set your cut loss to previous high, you are safe enough. Today Straits Times engulfed the last 2 candles, maybe this is it. Therefore I cannot fault you for opening your shorts upon confirmation tomorrow but just remember where to set your cut loss. Next lower high would be the safer place to short but that would be at least several weeks away. Don’t think a lot of people will be that patient seeing the number of emails that I have been getting pressuring me to post shorting counters. Apologies if I am not able to reply to all of them because I am just too swamped. I will still try to post nice counter in this website, ok???

Another thing I noticed today is that marine and offshore looks like breaking down. Well, penny counter already a lot broke down liao.  Properties looks like at resistance but banks are still strong. Therefore the sector to watch is banks if you are thinking to short. If bank starts to lose energy, quickly look for what counter to short. Remember, go for the weakest counter as it is easier to eat a weaker stock.

Now, if only I know of a way to clone myself, I would be a very rich man…

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