Argghhh... should have stayed in bed today. Got up at 8am... and thought it'd be a great idea to short Genting (Gen Int.) - the casino operator. The chart looked weak, the Dow was a bit lacklustre. Hmmm... should be a down day.
Hmmm... things seemed to be going ok, then all of a sudden one big buyer took out the levels of 1.00 and 1.01 - over 6 million dollars in less than six seconds. Bang!
Oh SHIT. Fortunately, my broker quickly covered my position without me needing to speak to her. We already had a pre-existing agreement.
No point mopping about it. Genting is also now part of the STI Index. So I guess we can expect more institutional support at these levels.
And if any hot news comes out on Gen- it will no doubt have a viagara effect.
Bad trade. Stay away. I'm not touching that baby anytime soon.
So far, I'm up this year- had wins on Chartered, Ausgroup, FerroChina... Could have made more on Ausgroup- I sold at 61, its now 78+. Same with Ferro. I'm still very cautious and expect the market to take a dive pretty soon. So I'm taking profits whenever possible.