Overall as we can see from the chart of HSI, uptrend is still intact. 1st support will be 29000 and followed by 28000 which is the 20MA then by the fibo support. I do think, the chances of dropping below 50MA is quite impossible as now is consider a healthy drop. Shochastic n other indicators are very toppy, it's time for it to drop a little before another rally up. most of this drop are due to profit taking and panic selling.
Also people are waiting for Mr. Ben to talk abt the interests rate cut. Chances of cutting is slim. As many people are hopping for the rates cuts, it may not come true. The most if there's a rate cut, it will be a quarter points. Do remember on the 11 of dec, there's another meeting of FOMC.
Currently I will stay on sidelines and wait for more signal before I take a position.
Like what old timer will say, doing nothing is also a good trade. Doesn't means everyday you need to do trading.
If you do trade, keep your cut loss tight! which I had learnt from my past experiences as a day trader. Now I am no longer a day trader as I need to commit more time to my full time job. Techinically speaking we are overall still in the uptrend than a downtrend. Fundamentally speaking, there are more upside to come in the following mths to come. Do remember that asia is still booming. There's no reason for us to enter a bearish stage at this point of time.
Yes, if US goes to a bearish mode, we will be affected, but most likely we will still move slowly upwards at a slower speed.
As we had seem in the past 1 week, Asia didn't really care how DJ performs, furthermore for singapore, we are like following HSI. HSI is overheated due to the china funds. Furthermore HSI looks very toppish too. That is why I am staying on sidelines. When it starts to turn the corner, we will be ready to load up.
I do not want to stay in fear of how the counters will go when I am concentrating on my work. Remember, this is an INVESTMENT not a gamble!
If for punting, it will be best to go over to the casino, it is also very taxing to play just intraday too.
Basically, stick to well fundamental counters if you are still holding.
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