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Oct 22 Singapore stocks and more with Jonathan Tan

I was busy over the weekend for a seminar and as such, could not release this week’s YouTube. Therefore I will share with everyone what I wrote in InnerCircle posting for today similarly to what I do everyday in Innercle group.

131022 Market Updates:
There will be no YouTube this week as I got back quite late today (Monday) and over the weekend, I was volunteering for a seminar as a crew. I will update everyone what I found out on the next InnerCircle Gathering coming up very soon.
This month, we had about 2 InnerCircle Gathering and there will be 1 more coming up in October. Similarly in November, I expect to hold about 3 sessions too. The reason why I am having a lot of InnerCircle Gathering is to get everyone up to speed on what’s market movement and I want to make sure as many of you can take advantage of the market volatility.
Tuesday will have Non Farm Payroll report as the govt shut down earlier in Oct and not able to provide the numbers then. However do take note that this numbers are “old” data. People would be more interested in the November numbers as they want to see how the US Govt shutdown will affect the numbers.
As of right now, S&P is at all time high when it broke the high from mid Sept. However right now (2:15am), it is forming a doji which signify an indecision. S&P is very overbought which means the risk to go lower is higher than going up. Dow is weaker than S&P as it still has about 200 points before breaking the Sept high. There is a divergence being seen, and this could be a “warning” about the market moving forward as it is now not very co-related.
 photo SandPDaily_zpsfed870e0.png
HSI is currently just below the classical resistance of 23554. It has been consolidating for almost 1 month and have to watch to see if it can gain strength to break higher or it is a “distribution”.
 photo HSIDaily_zps3fc95503.png
If you noticed over the last few days, STI gap higher and closed black candle. In addition, today it hit the fibonacci 61% resistance. Watch to see if there is a possible profit taking from fibo resistance.
 photo STIDaily_zpsf8368de9.png
In terms of stocks, 3 Musketeers (Blumont, Asiasons, and LionGold) went a lot higher percentage-wise. In the previous InnerCircle Gathering, I mentioned that this situation will happen but I believe this would be just a dead cat bounce situation. Therefore, best to avoid this 3 stocks. There are other plays better and safer. It is just not worth the risk to look at the 3 musketeers even though over the next few days, it can still go higher. It may be a push to dump situation.
Watch to see if ChinaEnv can break the 0.60 resistance.
Watch to see if IndoAgri can break 0.855 resistance with high volume. This is a bollinger breakout.
Diamond Cutter: KSH.
OCBC has 3 shooting star. Banks are having chart pattern consolidation (read last week’s posting).
Overall in sumary, market in US is overbought, HSI at resistance and SG banks does not look bearish for now. Do watch for possible profit taking, and after this profit taking, watch closely for signals to long. I will brief more on the next InnerCircle Gathering.
Do take note that I am having a seminar this Wednesday at CIMB Auditorium where the topic is “How to use Technical Analysis to trade stocks” and it is open to public. You can bring your friends. This is an educational event.

 http://chartingacademy-oct23-2013.eventbrite.sg/

 




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