Tuesday, 5 August 2008

Celestial - Exit

Portfolio Update

Today i exit from my position in Celestial with a loss. Amazingly the stock staged a remarkable recovery and closed with a nice hammer. :( I will "lend" the money i lost to Mr. Market and take it back from him another day. No positions on hand for now.

Straits Times Index

STI was on the verge of breaking 2,800 level today but it staged a remarkable recovery to end the day with a long tail. The support at 2800 is once again protected and the tail comes with rather high volume traded (double the usual trading value). The indicators which i use are rather mixed right now and are bearish bias except for the candlestick - hammer plus high volume. This is an early indication that the market is trying to find its footing. However, if 2800 support breaks, the next support level will be 2,750 and if this support zone gives way, it could mean the start of another down leg and this correction will be extremely painful to the "long bias" investors.

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