A False Break!
June 27th, 2008 NW Teong
Both the DOW and Nasdaq indices were being bashed down last night in US due to various bad news. In short, the “W” shape that I spoke about in my blog yesterday was no longer true simply because it will not be a “w” shape any more. The spike up in Nasdaq the day before yesterday was more like a false break on hind sight.
Hence, we shall square off (i.e. lock in profit or cut loss) all our tech trading positions immediately. For those in Singapore, I have noticed that Venture had surged more than 5% yesterday and if you sell now (around S$9.95) you could still make about 3% after netting off the trading expenses. While this is not truly a great trading opportunity on hind sight, we shall be fast to react to new info.
We shall remain at the sideline with zero position and forget about the “W” shape for the time being. Nevertheless, we shall continue to monitor the markets in search for another good trading opportunity.
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Entry Filed under: tech sector, Stocks
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