STI is breaking out of this consolidation we’ve been in since early May.
Previously we had positioned ourselves net short, so we’re turning to net long again.
The good thing about picking good candidates for our positions, is that even with adverse market conditions, they aren’t quick to go against us.
We also have a new candidate for a long.
If you’d like to have the confidence to switch your portfolio from long to short,
Seems like we’re finally moving out of this range at last.
Take note of the 3350 level next.
STI moves up, OCBC moves too, hang in there for the ride.
Wing Tai is also experiencing a positive push from the broad market, but has not pushed beyond recent highs.
The characteristic of the counter also seems to be changing, graduates do pay attention.
So lightening up on this position makes sense, we are very near breakeven price.
Otherwise, be patient and follow system.
Our short on this counter is still working out, ave price is about $2.60 on a full position, which means we have a small profit.
Lighten up if you are feeling uncomfortable holding short when the broad market is moving higher.
Otherwise be patient and follow system.
Always be mindful of your risk.
Triggered an exit already at 3.58, so this is a minor 2.6% loss on a partial position size.
Good trade, well-managed!
This short is taking a while, that 3.27 level is still holding prices up.
Areas to watch are 3.2, or what we do if we finally cross under 3.27 and then if we do break it, next level to watch would be $3.00
There is no harm in lightening up on this position as well since the market mood has changed.
Prices are at breakeven or slight profit.
Be patient and follow system, keep your eyes open at the levels.
One new position to add to our portfolio, it’s a classic pattern and we like the odds.
China Aviation has finally broken out of a 3 month long consolidation with a strong move on good volume.
Coinciding with STI’s burst to the upside as well.
So it seems the broad market could be a catalyst for this move, and we can expect there is more upside to come.
Next level up to watch would be the $1.90s, note that the last time price came to these levels are 2007.
If this level breaks then the $2.20s are likely.
Be patient and follow system.
There’s no time like the present to get in sync with market movements.
If you want to pick the best stocks for your portfolio,
Good trading folks!