With bad news flooding the market from QE tapering till the lastest of possible war in Syria, we can easily observe negative news from all source of media. Of course when normal people like us receive the news, market already show the require changes. The use of biological weapon in Syria is nothing new but when US announce of taking punishment action, market suddenly alert about this threat. The first changes after market start to slide, price of crude oil and gold start to shoot up. Together with foreign selling pressure, the drop in last week was really quite pretty.
Many margin user did receive margin call but it didn't get serious until force selling happen. However, the bearish market did not persist until the weekend because the local institutional did some window dressing since this weekend is our independence day. With the panic selling happened last week, now is the technical rebound stage. Whether this trend continue or not will depend on whether Syria war really occur in next week.
With UK stepping down from participating in the war, I bought in 20lots Airasia in anticipating for a rebound at RM2.55 while I sold off 20 lots of Supermax at RM2.35 after nothing much changes even though the quarter result is great. I contra 30 lots of Yeelee at RM1.17 that I bought at RM1.12 on last Tuesday and earn around RM110 after deducting the trading charges. I am getting ready to ride the wave and will definately anticipate more wave coming.
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